A booming property market is putting buyers under pressure to buy homes without checking them properly, leaving many with hefty repair bills after moving in, according to insurers.
Research from LV= found that on average, those who bought a home this year will spend £4,205 fixing hidden problems such as damp, rot and even structural defects.
Almost half (49 per cent) discovered damage or problems after moving in to their new home that were not disclosed by the previous owners. The most common issues include plumbing problems (38 per cent), faulty electrics (25 per cent) and damaged drains (21 per cent).
LV= said a buoyant housing market had led to buyers feeling pressured to make an offer without thoroughly checking a property. Of those who bought a property this year, one in five (20 per cent) said they were pressurised to make a decision virtually immediately or risk losing the sale and 39 per cent that they did not have time to check the property thoroughly before making an offer.
Close to a third (29 per cent) discovering damage or problems after the sale believed that the seller deliberately concealed the issues in order to secure a sale. The most common tactics employed included painting over mould (43 per cent), moving furniture to cover problems such as damaged floors (26 per cent) and hiding damage behind pictures (nine per cent).
One in ten buyers said their seller took items from their new property that they thought were part of the sale. Items taken by sellers over the past five years included everything from the curtains and blinds (40 per cent) to light bulbs (36 per cent), carpets (14 per cent) and even toilet seats (six per cent).
LV= said many people believed it was the seller’s responsibility to disclose any problems with a property upfront. Whilst the seller should certainly disclose any problems of which they are aware, the onus remains on buyers to obtain surveys and undertake searches in order to ensure that all relevant issues are identified.
Clare Butcher, an associate solicitor at Palmers specialising in residential property, said: “Buying a home involves a substantial investment which is why, no matter how pressured a potential buyer may feel, it is essential to check the property thoroughly, to avoid unpleasant surprises and unexpected costs at a later date.
“It may be tempting to rely on a bank’s valuation of a property but all too often, these will be produced on a drive-by or desktop basis, in which the lender will carry out the valuation from an office many miles away.
“Such a valuation will give no insight at all into any existing or potential problems with the property, which is why it is so important to have a proper survey carried out on the property, by a professional surveyor, to give an accurate picture of any issues with a property prior to purchase. Without that information, buyers risk subsequently having to deal with serious faults that will be expensive to put right.
“Experienced property solicitors will also provide expert support throughout the purchase process and help to protect your interests. At Palmers, we offer a fast and cost-efficient conveyancing service, provided by a team that will provide practical, proactive support throughout the process. For more information, please contact our Property team.”