Research highlights risk of skipping home surveys

Around one in 10 buyers who failed to get a survey on a property purchase have gone on to find issues with it, research suggests.

A survey by the HomeOwners Alliance found almost 60% of homeowners who bought within the past five years had a RICS house survey or a new build snagging inspection.

Of those who had a survey undertaken before buying their property, 30% took action as a result of issues flagged in the survey. Among this group, 10% renegotiated the purchase price, while 9% got the sellers to fix the problems. Only 4% 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.
 
Of those who didn’t get a survey before buying their property, 11% said they discovered problems with the condition 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.”