Seven million home owners with no survey

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18 Aug 2016

Seven million home owners with no survey

Author: Dan Lowery

Over seven million home owners did not have a survey on their current property, according to recent research from Churchill Home Insurance.

Half of them felt a mortgage valuation was sufficient, even though this is not a survey at all and simply an assessment of how much the property is worth.

Interestingly, over half of the owners that ended up needing major works within a year of moving said the problems were serious enough to have influenced their purchase, had they had prior knowledge (something a survey could have provided!)

A RICS survey from 2013 found that one in five of those that did not commission a survey later found faults. The average cost of the works required was £5,750, and 17% ended up paying more than £12,000. With the average cost of a survey being £500, it’s surprising how many people still risk it when moving.

“Surveys are primarily there to help you avoid potentially expensive surprises a few months down the line” comments Dan Lowery, Director of Romans Surveyors. “But more than that they can be immensely reassuring for buyers and give you peace of mind that your new home is the right one for you!

“Plus, if the survey does reveal anything problematic, but you still want to go ahead with the purchase, it can give you a good platform to negotiate the price down.”

Average cost of works was £5,750

Other research from Churchill questioned surveyors and revealed that the most common problems with a property that can’t be detected without a comprehensive building survey were subsidence, damp, and problems with the roof’s structure.

“We understand how stressful moving home can be so we produce accurate and professional surveys, with jargon-free reports so you understand exactly what your survey has revealed” adds Dan.

Romans Surveyors carry out more than 7,000 inspections every year. Their experienced surveyors guarantee a call back within 24 hours of making an enquiry and with two service options available, you have the opportunity to receive your survey report in as little as five working days.

To find out more, or arrange a survey with Romans Surveyors call 0333 1220 961 or visit: romans.co.uk/surveyors.

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