Nov
9

Findings from property survey study

We have reported in the past that only around 20% of homebuyers have a survey completed for a property purchase, which remains surprising when two-thirds of those choosing to get a report used it to either negotiate a lower purchase price or get defects addressed. A survey conducted by Insulation Express found that searches relating to asbestos went up by 82% in the last two years. Houses built before the mid-1980s may have asbestos materials and if in good condition and undisturbed it shouldn’t cause any problems. However, anyone needing to have it removed can be looking at stumping up a few thousand pounds to get a specialist in. Searches relating to structural movement and damp were also up by 82% in the same period. Whilst Japanese knotweed and invasive plants have been pretty high profile over recent years, those searches increased by 45%, but the actual average number of monthly searches is an eye-watering 110,000. The public seems to be warming up to the benefits of insulation as enquiries for cavity wall, loft and floor insulation are up 55%. The survey also highlights how a number of small defects can end up being costly from say a replacement roof tile at an average of just under £200, to around £4,00 for a rewire and an average of £13,500 to deal with movement and settlement. Read the results here.