Allcott Associates has revealed concerning data suggesting that homebuyers are risking significant financial burdens by not commissioning home surveys.
Analysis of the firm’s March 2024 survey data showed that the average repair cost for homes under offer in England and Wales is around £14,000, yet only one in 10 homebuyers are opting for a survey.
This oversight can lead to buyers uncovering expensive repair needs after the purchase, which could have been identified earlier through a professional survey.
For instance, 92% of properties surveyed required over £1,000 in repairs, while 58% needed repairs exceeding £5,000. Notably, one third of the homes needed more than £10,000 worth of work.
A highlighted example from the data was a 1930s property in Oxfordshire requiring an estimated £202,500 in repairs, including significant structural and safety updates. Another example in Stroud showed repair costs amounting to £69,000 across 48 items.
Tim Allcott, RICS chartered surveyor and managing partner at Allcott Associates, emphasized the financial wisdom of obtaining a survey: “Skipping a survey can seem like a cost-saving, but surveys regularly save buyers several thousand pounds by allowing them to negotiate on house price and avoid costly surprises after moving in.”
The report also suggests that the proportion of buyers opting for surveys has decreased, potentially due to current economic pressures.
However, with rising interest rates leading to more homes being sold under duress, Allcott advises that surveys are more crucial than ever to avoid inheriting unresolved maintenance issues.
