Internet is first stop for property seekers- research
Ninety-one per cent of active homebuyers would consider
the internet their first port of call when looking for
property, according to a new study.
The 'Surfing for Homes' report is published by Associated
Northcliffe Digital's property websites, Findaproperty.com
and PrimeLocation.com.
The research was conducted for seven weeks from mid-October
2006 by IPT. The nationwide online survey recorded responses
from over 1,000 active property consumers. Active searchers
were asked about a series of issues, including everything
from where they go first to look for properties; what
they want from property websites; to how far they're
willing to move, to find their dream home.
The report indicates the potential for significant
growth, with a further 41% of homebuyers willing to
try online before anything else when looking for a home.
The Internet Advertising Bureau report for 2006 shows
an increase of £649 million on 2005 to £2,015.8
million overall. 4.6% of the 2006 spend was on property
- in 2005 property accounted for just 1.2% of the total
figure.
Other key findings from the AN Digital report are:
The changing role of estate agents
As buyers increasingly turn to property portals to
carry out their own research, the role of estate agents
becomes even more important - something which advertisers
should be fully aware of. 'Surfing for Homes' shows
that estate agents are the second source people consult
when looking for a new property (27%). Better informed
property seekers spell good news for estate agents -
they are now dealing with savvier customers who know
what they want before they begin talking to the agents.
Why Online?
Being able to search for property online has obvious
benefits for consumers, in that it is convenient, and
explains why for 51% of buyers they are the most frequently
consulted source.
Reasons for repeat site visits to property portals
(percentage)
Range of properties (63%)
Presentation of detailed information e.g. photos, floor
plans (55%)
Ease of navigation (50%)
Local area information (33%)
Location - property seekers looking close to
home
One of the key areas examined in the report is distances
people are prepared to move. On average, property seekers
are choosing to move to a new home within 22 miles of
where they already live, with two-thirds not prepared
to move more than ten miles from their current property.
This trend is amplified in London, where the average
distance people are moving is just 16.5 miles, highlighting
Londoners reticence to move away from the capital once
they're based there. In contrast, in the Midlands, people
are more adventurous with the distance almost double
this at just under 30 miles.
Other key findings
Flats are losing favour - 72% of the active market
are looking for houses
Property seekers are still driven by visual stimuli
- 93% want to see a selection of exterior and interior
photographs when browsing for properties online
Over a quarter of buyers are looking to acquire property
between £100 - £150k
47% consider information on local schools as key to
where they choose to live
Addressing consumer issues
As property portals become increasingly important in
the house moving chain, the challenge is clear - sites
need to be kept up to date. False listings, where sold
property is still listed as being for sale - is the
biggest consumer irritation (47%).
Commenting on the research, Alan Revell, Chief Operating
Officer, AN Digital, said: "It's good to see that
50% of active property seekers go to the web first.
With increasingly rich and tailored content on property
portals, such as local information on schools and crime
rates, it's not surprising that people are doing their
homework online."
AN Digital incorporates the digital assets of Associated
Newspapers Ltd (ANL) and Northcliffe Newspapers which
are owned by the Daily Mail and General Trust (DMGT).
- Net Imperative
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