How we do more research when buying a toaster than we do when buying a house

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Buying a home may be the biggest purchase of our lives.

But it seems that we are more likely to carry out research on the cost of our toaster than on the price of our new house or flat.

While 92 per cent of us thoroughly check the prices of household appliances before parting with our cash, only 42 per cent do the same with property, researchers claim.

One in four housebuyers does no research on the current value of homes before making an offer.

And 71 per cent admit they don't check a property's previous sale price before signing.

Fifty-one per cent do not use the internet to check property prices, while 40 per cent are unaware that previous sold prices, what the neighbours paid and current values are easily accessible online.

One in three say they did no research into the local area before moving in, and only 10 per cent asked a neighbour what the community was like before committing to purchase.

The study of more than 1,000 homeowners was carried out by online property site Zoopla!, which has created a database for every home in the UK.

Alex Chesterman, chief executive of Zoopla!, said: "With the average UK home currently valued by Zoopla! at £228,649, overpaying by 10 per cent can result in a £20,000-plus gamble, so it's well worth doing research before setting a selling price."

The top five areas on which homeowners regretted not doing their homework were: 1) Parking, 2) Neighbours, 3) Traffic congestion, 4) True value of their home, 5} Amenities.

Auction sales drop to three-year low

The number of homes being sold at auction has fallen to a three-year low as buyers become more cautious, figures show today.

Only 57 per cent of the properties put up for auction during the final three months of 2007 sold, compared with 69 per cent in the same period of 2006, according to the Royal Institution of Chartered Surveyors.

It said 7,732 properties were auctioned during the fourth quarter, close to historically high levels, but only 4,539 of these sold.

The institution blamed the fall on uncertainty about the housing market and tighter mortgage lending conditions due to the credit crunch.