A surprisingly high percentage of home buyers use problems found during surveys as a bargaining tool, a report out by Which? has revealed.
The organisation canvassed some 1,800 home buyers and found that two thirds used information from their survey to negotiate a better deal.
Of these, 43% used problems revealed during a survey to pay less and 24% used the results to successfully request repairs before exchanging contracts.
But sometimes the problems revealed by a survey were too much – one in ten of the home buyers pulled out of a deal, says Which?
Its Principal Mortgage Adviser, David Blake, urged home buyers to use surveys more in the negotiation process, describing it as a “powerful bargaining chip”.
This will be surprising news for the many home buyers who don’t undertake an additional survey on a property other than a mortgage valuation.
Research by insurer Churchill earlier this year revealed that only 17% of purchasers undertook a Condition Report over the past year and just 13% completed a HomeBuyers Report.
Before the Millennium 25% of home buyers would undertake a Building Survey but today that figure has shrunk to 6%, although the number of people purchasing a property – presumably with cash – and not undertaking any form of survey has dropped from 37% two decades’ ago to 9% today.
The most common problems with properties detected during a survey are damp (33% of problems), defective roof structures (23%) and subsidence (15%).