Quarter gamble on property

With the UK housing market on the verge of the biggest moderation in a decade, up to a quarter of buyers are still taking an unnecessary gamble with their property purchase.

According to online property community Zoopla!, one in four (26 per cent) homebuyers are still taking undue risks on their purchase by not bothering to do any comparative research on the current value of homes before putting in an offer.

This comes despite 90 per cent of homeowners confirming their property was the biggest purchase of their lives.

Furthermore, 71 per cent of homebuyers admit they do not even check a property's previous sale price before signing on the dotted line - potentially risking thousands of pounds in overpayment.

"UK homeowners are desperately uninformed when it comes to dealing in the residential property market," said Zoopla! founder, Alex Chesterman.

"For most of us, buying a property is one of the biggest decisions and payments we'll ever make, so taking the right time and effort researching the market is vital."

According to the website the average property in the UK presently costs £228,649, and over paying by ten per cent could cost buyers nearly £30,000.

As a result: "It's well worth doing research into the prices paid by neighbours, current values and local trends before making an offer or setting a selling price," added Mr Chesterman.

The survey found buyers were far more conscientious with more minor purchases.

For example, 92 per cent of buyers checked the price of blenders and toasters, before purchase.

Furthermore, some 85 per cent say they compare the value of cars before buying them, and 78 per cent do the same for furniture – whereas, in contrast, only 42 per cent of people say they thoroughly research house prices before making a purchase.

One in three (29 per cent) also admitted they did no research into the local area before moving in, with only one in ten (ten per cent) saying they asked a neighbour what the community was like before committing to purchase.