Buyers risk £1.3bn by not surveying new homes
Wednesday, 23 February 2011 12:50 PM
Residential property buyers are taking major financial risks by not having surveys carried out on their future homes, according to new research.
A study by chartered surveyors e.surv showed that buyers gambled an estimated £1.3 billion last year by failing to have a survey done before making a house purchase.
Researchers found that eight out of ten home movers choose not to have a survey, though the average private survey – costing as little as £200 – identifies works requiring around £1,800 to put right, giving buyers room to negotiate on the seller's asking price.
According to HM Revenue & Customs figures, there were approximately 880,000 residential property transactions in 2010, meaning more than 700,000 buyers can expect to fork out more than they bargain for when purchasing a home they have not had surveyed.
Richard Sexton, sales director for e.surv, commented: "Interestingly, people buying more expensive properties are more thorough when they buy, despite the fact they are the ones who can afford to fix dodgy roofs or unexpected damp patches.
"But they're not just being risk averse – they use surveys to barter down sellers very effectively. It's the people who can least afford something to go wrong who are missing out," he added.
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