Research has revealed that one in three UK homebuyers have saved money on property after taking a survey prior to purchase. The HomeOwners Alliance say that almost 60% of homeowners who bought within the last five years confirmed they had undertaken a RICS house survey or new build snagging inspection.
The latest reports show that surveys help almost a third of homebuyers take action and 11% of those who did not have the opportunity to take a survey, regret that they hadn’t. A large proportion of those who purchased a house in the last five years took a RICS survey and a further 13% have had a new build snagging inspection.
Of those who had a survey undertaken before buying their property, nearly a third (30%) took action as a result of issues flagged in the survey. Among this group, 10% renegotiated the purchase price, while nine per cent got the sellers to fix the problems. Having a survey enabled other homebuyers to get quotes for remedial work before deciding whether to go ahead with the purchase or discuss issues flagged in the survey report with their surveyor. Only four per cent of people who had a survey reported they pulled out of the purchase altogether, showing that in most cases having a survey done can enable a better home buying experience.
Individuals who didn’t get a survey before buying their property, a total of 11% have discovered problems with the condition of their new home since moving in and regret not having had a survey.
Commenting on the findings, Chief Executive of the HomeOwners Alliance, Paula Higgins, said:
“Our research shows what a worthwhile investment having a house survey is. We recommend surveys for homebuyers as a great way of avoiding unforeseen and unpleasant surprises when it comes to moving into your new home. Save money by getting a survey so you can identify any issues and get them fixed or renegotiate the price so you aren’t out of pocket and avoid homebuyers regret.”
“We’re keen to get the message across that getting a survey is a no-brainer for buyers looking to protect their hard-earned cash. But not all surveys are the same, so it’s important to understand the different types of surveys on offer, their costs and what they cover.”
However the Alliance says that ‘it’s worth reminding homebuyers that the survey carried out by the mortgage company does not report on the condition of the property’. Surveys carried out by banks and building societies are usually desktop based surveys and don’t involve an independent expert survey of the condition of the property. The buyer is responsible for conducting a survey into the condition of the property they are going to buy and can find local surveyors and compare quotes.
