SEVEN MILLION PEOPLE LET DOWN BY WORTHLESS HOMEBUYER SURVEYS
- Average repair bill sets new homebuyers back almost £2,000
- In the last five years 60% have discovered a horror in their new home
- Wiring and electrical problems top the list of buyer gripes (and are most costly)
Almost seven million homebuyers (6.69 million) feel they have been let down by inadequate property surveys in the last five years, according to new research released today from Homeserve, the UK's national home emergency service.
The alarming research found that homebuyers have spent a colossal £13 billion on rectifying problems that they inherited with their new home - an average of £1,961 for every new homebuyer who experienced a problem over the last five years.
Topping the list of horrors for new buyers were electrical problems, with more than one in five people (21%) uncovering faulty wiring or dodgy electrics upon moving into their new home. One in five (20%) people was welcomed by a blocked toilet or pipes and the same proportion uncovered dampness. A further eight per cent of homebuyers moved into their new property only to find it already inhabited by pests such as mice, rats, ants or wasps.
Problems with electrics were also the most costly for new homeowners. Those inheriting electrical problem were forced to shell out an average £1,466 in repair costs. Homeowners also forked out an average £1,064 to fix problems with their boiler and heating, £429 to fix leaky pipes and blocked loos, whilst getting rids of unwanted pests set back homeowners an average £193.
The research suggests that homebuyers are failing to understand what surveys are expected to cover - 60 per cent of people said that they had expected their survey to have highlighted the problems they later uncovered. In the UK, homebuyer surveys are available in three grades, however even the most or comprehensive survey will not uncover problems that are hidden in areas difficult for surveyors to access.
Incidence and Costs
| Problem | Incidence * | Average cost to repair |
|---|---|---|
| Electrical | 21% | £1,466 |
| Dampness | 20% | £1,334 |
| Boiler/heating | 20% | £1,064 |
| Roof | 16% | £884 |
| Dry rot or wood worm | 4% | £660 |
| Plumbing | 20% | £429 |
| Pests | 8% | £193 |
* % of people who purchased a property in the last 5 years that experienced the problem
Commenting on the findings, Jon Florshiem CEO of Homeserve Membership said: "Hidden horrors can come as a nasty shock when buyers finally get the key to their new home but people should be aware of the limitations of surveys. If buyers are worried about unearthing costly problems, they should try to negotiate with the seller or agent to bring along an expert to check their new home before they make an offer.
"In readiness for their completion date, homebuyers should ensure they have the right level of home insurance, including cover for emergencies, as this can save them a small fortune and leaves them with money to spend on more enjoyable purchases."
Other key findings:
- New homeowners in the South East were plagued by problems with plumbing. More than one in four (26%) new homebuyers were welcomed with blocked loos, drains or pipes.
- People in the South East were also most likely to find their home already occupied by pests (13%).
- Faulty heaters and boilers posed problems for 26 per cent of new homeowners in the North of England. Northerners were also most likely to be hit with costly problems with their roof - resulting in the highest average repair cost for all regions (£2,488).
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About Homeserve
Every forty seconds a Homeserve engineer comes to the rescue of a British household.
With over 5,000 directly employed and sub-contracted engineers, Homeserve is a national emergency home repair service backed by a 24 hour claims handling and repair network.
Homeserve also offers insurance cover for plumbing, drains, electrical wiring and gas central heating. It has over 6.3 million policy members in the UK and a further 1.8 million in the USA, France and Spain.