Over a fifth of home buyers who did not have a survey would never have bought their property if they had been aware of its true condition, according to new research by the RICS. They have an average of £5,750 in repair bills.
The RICS survey, of 1,017 buyers across the UK, found that over a quarter failed to commission a survey.
The 73% of buyers who did commission a survey said it gave them peace of mind but only around half thought it was value for money.
The survey also showed a huge misconception about the role of estate agents. Nearly 60% thought that the agent acts for the buyer, while nearly one in five thought the agent acts equally for buyer and seller.
Peter Bolton King, RICS global residential director, said: “The lack of understanding about the home-buying process is putting consumers at increased risk as many fail to take out further independent, expert advice. Agents can and should offer advice to buyers.
“However, only a surveyor is trained to identify issues with a property. The cost of a survey is a small price to pay for this knowledge and peace of mind.”
Alan Milstein, chairman of the Residential Property Surveyors Association, said: “It is worrying that so many people are effectively buying blind.
“Our own research, conducted among our members last year, showed that a worryingly high proportion of home buyers still lack basic awareness about the different property surveys available to them. In the survey of our 200-plus members, 72% of respondents believed that the home buyers they had been in contact with over the last year, had not been aware of the wide range of property surveys available to them – or how the surveys vary in terms of the level of investigation they entail or the information that they provide.
“This lack of general awareness needs to be addressed, and we believe that we have a responsibility as an industry to educate consumers about the options available to them.”
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Comments
Headline re-written as follows:
"RICS members bitter that 20-odd percent of buyers don't pay into their pension pots."
There - THAT'S the reality!
"However, only a surveyor is trained to identify issues with a property."
REALLY?? Come on, PBK - that's billshut and you know it!
"Over a fifth of home buyers who did not have a survey would never have bought their property if they had been aware of its true condition"
or
Slightly less than 80% of buyers who did not have a survey were perfectly happy with the condition of the property they purchased.
The statistics appear to favour not having the survey.
It's a bit rich RICS bemoaning the fact that buyers largely don't obtain a survey before they buy. The Home Condition Reports which they consistently undermined would have given every buyer as much guidance as a RICS surveyor ever gives and at a fraction of the cost. It's also incorrect to say that only RICS Surveyors are the only ones qualified to produce reports of this kind...Home Inspectors are still able to produce their HCS surveys which would provie every buyer with a pretty good overview of a property they are interested in. So, RICS please stop whingeing about a situation of your own making.
the stylised report which the rics produces is not fit for purpose. It is negative and cautious to an extreme level and so mindful of the surveyos PI insurance that it fails to be objective and there is a presumption that ALL houses should be absolutely perfect! ..even those which are of great age. eg Not having had a wiring check in the last 5 years is a red (fail) 3, even though the surveyor will admit he is not qualified to asses this aspect. and recommends a specialist reprt and this goes on for more or less every aspect of the survey .. " I dont know about this or that .. get a specialist" . Really dont know what they get paid for ? Their qualification is merely to be able to suggest a list of better qualified specialists who might be able to help.. yellow pages also have lists of specialists with their phone numbers!! mosy people have one of those so could get their own reports and estimates.
The most expensive thing you will ever purchase and you don't get a survey ?? Morons. Consider yourself lucky you only lost an average of £5750.
1 in 4 regret joining the RICS
Funnily enough I bet that if this survey had not have been carried out by RICS(!!) then the results may have been different!
Estate agents do not want each and every buyer to carry out a survey because surveyors are so frightened of being sued for missing something they list things like 'poor decoration' as a reason to negotiate on price!!
Estate Agents and Surveyors are on opposing sides when it comes to selling houses so if RICS wants better education on the types of surveys available then they had better crack on and get educating, because no-one else is going help them do it for them!