Two thirds of homeowners in the Midlands would not feel happy relying on a desk or drive-by survey when purchasing a new house according to new research by leading home survey specialists, GB Home Surveys.
The research, which surveyed UK homeowners on their perceptions of the current housing market, also revealed that just 18% of homeowners in the Midlands are considering a move during 2023.
Interestingly, this figure more than doubles over the next 2 – 3 years, where 38% confirmed they would be looking to move during this timeframe, with a further 25% of homeowners in the Midlands currently unsure of their plans.
When questioned on property valuation methods, 61% of homeowners were unaware that the majority of mortgage valuations are now completed via desk or drive-by surveys, with 72% confirming they do not feel such valuations would be able to identify any potential issues with the property.
As such, a massive 78% of homeowners in the Midlands advised they would opt for an additional, dedicated Home Survey to check the property’s condition and any state of repair before finalising the house purchase.
Other key take outs from the research include:
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- 43% of homeowners across the UK revealed they have experienced issues with damp when either purchasing or renting a property, with 26% confirming they have experienced electrical issues.
- 41% of the respondents had moved house within the last 1 – 5 years, with just 7% having moved within the last 12 months.
- 43% of homeowners across the UK revealed they have experienced issues with damp when either purchasing or renting a property, with 26% confirming they have experienced electrical issues.
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- 23% of homeowners in London and the South East are still looking to move house during 2023 despite economic uncertainty, compared to just 12% in the South West.
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Discussing this new data, James Quinn, Managing Director of GB Home Surveys, said: “This new research is very interesting and not only highlights that there is still appetite for some homeowners to move house amidst current concerns over mortgage rates and the cost of living, but also shows a clear belief that these challenges will be overcome within the next 2 – 3 years as nearly two thirds of homeowners are planning or at least considering a move during this timeframe.
It’s no surprise that the majority of homeowners aren’t aware that most lenders now opt for desk or drive by valuations, particularly if they haven’t moved in recent years. However, the fact 40% have experienced issues with damp highlights the sheer importance of a thorough home survey prior to completing on any property purchase.”
Originally established as Gooch and Burley Chartered Surveyors in April 1992, GB Home Surveys was acquired by experienced Surveyor, James Quinn, in 2016, and is now a leading residential property survey provider.
Having successfully expanded its target area over the last 5 years, GB Home Surveys now services customers throughout the West Midlands, South Wales, The Cotswolds, Oxford, North Somerset, Taunton, and Devon; not forgetting its heartland of Gloucestershire, Forest of Dean, Worcestershire, and Herefordshire.
For more information, visit: https://www.gbhomesurveys.co.uk.
