Just 45% of homeowners have EVER paid for a survey
New research highlights just how difficult it is to persuade home buyers to pay for a HomeBuyer Report, Building Survey, or Condition Report despite the negotiating edge it can provide.
Just 45% of all homeowners in the UK have instructed an independent surveyor, new research shows, revealing just how reluctant many movers are to fork out extra cash for a survey during an already expensive process.
Website Compare My Move, which has conducted the poll, says too few people are not aware that a survey can help them negotiate price reductions on properties.
A third of those do did commission a survey above an beyond the valuation report completed on their property by a lender said they’d been able to shave an average £6,400 off the asking price based on the survey’s findings.
This included issues with the roof or electrics, the two most numerous defects identified, along with (in order of most common) damp, insulation problems, structural movement and subsidence, woodworm and beetle infestations, wonky drainpipes and Japanese knotweed.
Somewhat worryingly for surveyors, though, is the finding that just a quarter of those used one said the service was ‘reasonably priced’.
Nasty surprises
“The results of our latest survey are a reminder of the real value a quality home survey can provide,” says Dave Sayce, Co-Founder of Compare My Move.
“Not only can it help you avoid nasty surprises, but it can also give you strong negotiating power before you complete.
“It’s clear that many homeowners still aren’t taking full advantage of this step in the buying process, and we hope these insights encourage more people to invest wisely in their future home.”
Home buyers have three kinds of survey to choose from – a HomeBuyer Report, Building Survey, or Condition Report and it is recommended that the surveyor is registered with RICS.
RICS reaction
A RICS spokesperson tells The Neg: “RICS always recommends home purchasers have a pre-purchase survey carried out by a qualified surveyor to identify defects, and for use in any sale price negotiations.
“A home is usually the most significant purchase in a lifetime, and consumers will often be oblivious to matters of concern that can be devastatingly expensive to rectify.
“Equally, consumers will want to know if the property is safe and will be a good home. Go to Find a Surveyor to find a suitably qualified RICS member in your area.
“RICS members take many years to study and gain experience in residential surveys and qualify to become a regulated member of RICS backed by professional indemnity insurance.”
My experience over 50 years of reading Home Buyers Reports is that the majority merely point out what might potentially be a problem and recommend calling in a real specialist expert to have a definitive look. Three quarters of the wording is standard pre printed stuff used every time to bulk it up and make it sound more professional.