As the average age of first-time buyers continues to rise - the latest figures suggest…
With the stamp duty holiday in place until March next year, you can see why so many people are keen to move as quickly as possible. The threat of missing out on a significant saving is a major concern for many buyers and vendors.
At Lock & Key, we are pleased to say we have helped many people in the Melksham housing market, and the market is busy right now. We appreciate people want to move quickly, but this doesn’t mean you should cut corners.
Buying or selling a home is a significant investment, and it is vital you follow the right procedures.
Some buyers cut corners
It is worrying to see new research from Direct Line Home Insurance which states close to 100,000 home sales in the 2019/20 financial year without a survey being carried out of the home. If that was the case on 2019/20, there are fears that this will be even more likely in the current climate.
When you consider 42% of surveys have found issues with a property, it is concerning to see 9% of buyers not having a survey completed. A quarter of homebuyers later received a sizable bill for unexpected repair work. The average cost of this repair work amounted to £3,676.
The survey carried out by Direct Line Home Insurance suggests more than 2.8 million residential property sales which have been concluded without of a survey. For the 2019/20 financial year, as many as 98,000 property transactions might have concluded with no survey on the premises.
A survey can help buyers renegotiate the price
One of the strongest reasons to arrange a survey when buying a home is, if a problem is found, it is a basis for negotiating a price reduction. Of the 11.7 million property owners who had a survey highlight issues, 40% used this information to negotiate a price reduction or for the issue to be resolved before buying the property.
38% of homeowners who had a survey highlight an issue continued with the sale without asking for a reduction. This knowledge might not help the buyer save money at the time, but at least they are armed with all the information they need to make an informed decision when buying their home.
Dan Simson, Head of Direct Line Home Insurance, said; “Investing in a survey before purchasing a property can save a huge amount of money and hassle in the long run. Surveys are there to protect the buyer, enabling them to get a better idea of any repairs that might be needed and any problems to look out for in the future. It is important people also research the types of survey available, they range from; basic traffic light reports with guidance on property condition, too detailed reports with advice on defects, repairs and maintenance. It is also important homeowners inform their insurer of any structural or subsidence issues, as well as any major building work taking place, to ensure the right cover is in place on the policy.”
If you are looking to make a move in the Melksham property market, and you would like to speak with local experts, please get in touch. If you would like to arrange a property valuation, contact us and we will set this up for you. You can phone Lock & Key on 01225 707 342 or why not come and visit us at 5 Church Street, Melksham.