- Over 19,000 UK homeowners regretted buying their property last year
- More than two thirds (68%) of homeowners didn’t buy a Homebuyers Report
- Only 59% of those who bought a Homebuyers Report felt that it was worth the money
Over £2.3bn was spent on homes with undetected issues in 2021, according to a new report by GoCompare Home Insurance.[1]
A poll by the insurance comparison site found that over 19,400 UK homeowners regretted purchasing their property last year. Almost half (49%) of these buyers said that the main reason for this was that they found a number of problems with their home they weren’t aware of before moving in.
Based on the average house prices between January and September 2021, this equates to a shocking £2.39bn worth of property regret due to issues that went unnoticed prior to purchase.
One way of checking a house for problems before purchasing it is by investing in a Homebuyers Report. However, over two thirds (68%) of homeowners told GoCompare that they didn’t bother buying this type of survey before completing the purchase of their home.
Staggeringly, over half (52%) of those who didn’t purchase a Homebuyers Report said they were advised not to get one. A further 27% also said that they didn’t think they’d need one, despite the fact that it could have prevented them from encountering any unwanted surprises after moving in.
Even more surprisingly, 41% of those who did purchase this survey felt that it wasn’t worth the money, with 64% saying it didn’t help to uncover any issues with the property.
Ceri McMillan, a property expert at GoCompare, said: “Buying a home is an incredibly exciting life event, but it’s also one of the biggest purchases you’ll ever make. Therefore, it’s critical that you’re happy with the condition of the house before you buy it.
“One of the best ways of doing this is by purchasing a Homebuyers Report. This will provide a full review of your prospective property, highlighting any problematic defects and minimising the chances of you finding any unwelcome deficiencies after you’ve moved in.
“These usually start at around £400 but can increase in cost depending on the property’s value. Although this may feel like an extra expense, it could stop you from wasting thousands on an unsuitable house. In fact, some mortgage lenders may require that such a report be carried out as part of the approval process.
“Alternatively, buyers could consider purchasing a different type of report, such as a Condition Report. This is a bit more basic and is slightly cheaper (being priced at an average of £380), but will still identify any urgent risks and defects, making it a good choice for new-builds. Another option available is one of the more in-depth reports, such as a building or full structural survey. These can cost over £600, but are particularly helpful for older houses.”
