More than one in five recent homebuyers purchased their property without commissioning a survey, despite those who did saving an average of £2,600 by identifying problems before completion.
Research from Direct Line Home Insurance, highlighted by home-moving platform Moving Compared, found that 21% of buyers in England, Wales and Northern Ireland chose not to have a survey carried out before completing their most recent purchase.
The findings suggest many buyers are taking unnecessary financial risks at a time when moving costs remain high and transactions continue to take longer to complete.
Among those who skipped a survey, 21% said they trusted their own judgement when assessing the property, while 15% believed one was unnecessary because they were buying a new-build home. A further 14% cited the cost of a survey as the main reason for going without one.
HOME-MOVING CHALLENGE
However, the research found that almost half of all surveys uncovered defects requiring attention, with one in 20 identifying major issues. Buyers who commissioned a survey reported saving an average of £2,600 by renegotiating the purchase price or asking sellers to complete repairs before exchange.
By comparison, homeowners who only discovered problems after moving in said they spent an average of £3,760 putting defects right.
CHALLENGING PROCESS
The findings come as buyers continue to face a challenging home-moving process, with lengthy transaction times and high fall-through rates increasing the cost and uncertainty of purchasing a property.
Moving Compared says buyers should choose the level of survey based on the property’s age, condition and complexity, arguing that a survey should be viewed as an investment rather than an avoidable upfront cost.
The company says that identifying defects before exchange gives buyers greater negotiating power, allows repairs to be addressed before completion and helps avoid unexpected bills after moving into their new home.
