Just under a third of homes received an offer within an hour of being viewed this year, or 31%, highlighting the current shortage of supply, according to data from MPowered Mortgages. This compares with 7% of properties receiving an offer in 60 minutes in 2018.   

The fintech mortgage lender adds that the amount of properties receiving an offer in a day is currently 48%, compared to 26% four years ago.  

Its findings come from the firm’s inaugural House Pace Index, which looks at buying behaviour, motivated by market conditions and government intervention over the last five years.  

The study finds that 12% of properties received an offer without a viewing this year, up from 7% in 2018.  

In London, the rush to secure homes “is most prevalent” with 37% of properties currently receiving an offer on the same day as a viewing.   

It adds that 14% of homes in the capital secured an offer without the buyer seeing the property.    

The report says that 18 to 34-year-olds are most likely to lodge an early bid, with 11% admitting to making an offer before seeing a home, compared to just 5% of 35 to 54-year-olds.   

It points out that the average age of a UK first-time buyer is 34, “suggesting that being quick to act could be down to inexperience coupled with fewer mortgage deals on the market”.  

Buyers see an average of three properties before making their first offer and 40% of buyers view only two properties before making their move, the index adds.  

It adds that “buyers being quick off the mark, making a speedy offer is not always rewarded” with a sale.   

The report says half of buyers have an offer fall through. The top reasons why an offer fails are that the seller received a higher offer, 32%, problems appeared on the survey, 25%, or, there was a break in the chain, 15%.    

The study also found that 10% of offers fell through when the buyer couldn’t secure a mortgage, and 51% of sellers insisted on FTBs having a mortgage in principle before accepting an offer.   

MPowered Mortgages chief executive Stuart Cheetham says: “We are seeing lots of activity in the market as buyers race to lock in deals given the pace at which they are rising in the current climate and this data shows that offers are being made extremely quickly, despite a large proportion of these falling through.   

“Our House Pace Index shines a light on changing consumer behaviour against a backdrop of rising mortgage rates and aims to prompt more consideration in the house buying process.   

“The race to find a home can be a daunting prospect even more so now in an environment where mortgage rates are rising as part of the cost of living.   

“Of the many hurdles a homebuyer faces, one element that can be largely controlled is the certainty of their mortgage and this will be even more important as rates continue to rise.