Quantcast
Menu

First-time Buyers

Buyers face bumper repair bill

Adam Williams
Written By:
Adam Williams
Posted:
Updated:
07/09/2015

New buyers who fail to check the condition of their property could face repair bills of £5,750, new research has suggested.

A property study by surveyors e.surv found that in July 2015 alone buyers were hit with unexpected repairs costing more than £300 million.

Only one-in-five homebuyers choose to commission a private survey before they move into a home, leaving many potential issues hidden.

The average repair bill then faced by buyers is £5,750, representing a combined yearly cost of £3.56 billion.

Buyers in the South East faced the biggest annual repair bill, with properties in the region costing a combined £820 million. London faced the next biggest annual cost at £448 million.

Northern Ireland, with a £68 million repair bill, was the region with the smallest total. However, this reflects the smaller number of property transactions in the nation.

Richard Sexton, director of e.surv chartered surveyors, said many buyers were looking to cut costs by avoiding paying for a survey. However, he warned that costs could be higher in the long run.

“As the cost of moving house ratchets up, skipping on a survey can seem very tempting,” he said.

“Although commissioning a private report costs as little as £250, many buyers don’t want to accept that their dream house may harbour hidden nightmares. But scrimping on this initial outlay can have severe consequences once the keys of the property have been handed over.

Sexton added: “Buying a house is one of the biggest and most important financial decisions somebody can make, but buyers simply aren’t protecting themselves. Most people wouldn’t buy a car without having an up-to-date MOT, yet the number who consider purchasing property without confirming its condition is alarming.

“These buyers are risking their financial livelihood, and rolling the dice in the hope that their home won’t contain any nasty surprises. On average, the repair bill faced by buyers who don’t get a survey is close to £6,000, while some may find themselves facing costs far higher than this figure.”


Share: