Common issues like damp and asbestos often go unnoticed, posing financial and health risks for buyers
Homebuyers who forgo home surveys risk missing common property issues, potentially leading to thousands of pounds in unexpected repairs and health risks, new research from Legal & General Surveying Services has revealed.
According to L&G’s team of surveyors, the most common problems that go unnoticed without a survey include damp (22%), asbestos (18%), and unapproved alterations or extensions lacking building regulation approval (12%).
The Building Research Establishment (BRE) estimates the NHS spends £1.4 billion annually treating illnesses linked to living in cold or damp housing. Asbestos, which can go undetected without a survey, also poses severe health risks, with prolonged exposure causing respiratory illnesses and other complications.
Why homebuyers skip surveys
Despite the potential risks, 14% of respondents cited cost as the main reason homebuyers avoid surveys. A Level 2 survey typically costs around £400, but the price of addressing property issues can far exceed this amount. For instance, rising damp treatments average £2,750, according to Checkatrade, while asbestos removal costs around £1,750 per square metre.
Other factors contributing to low uptake include a lack of awareness about the importance of surveys. Nearly two-thirds (64%) of respondents believe homebuyers skip surveys because they don’t understand their value (26%), are unaware they need one (14%), or mistakenly think a lender valuation is sufficient (24%).
Homebuyers who rely solely on lender valuations could face higher risks of uncovering costly repairs within the first year of ownership. Many lender valuations are conducted remotely using automated valuation models or desktop valuations, which do not involve an in-person inspection of the property.
Despite the challenges, 69% of respondents expressed confidence that homebuyers would act on recommendations made in a survey if they commissioned one.
Call for better consumer education
Malcolm Webb (pictured), risk director at Legal & General Surveying Services, emphasised the importance of educating consumers about the value of home surveys.
“Buying a home is typically the largest purchase a person will make in their lifetime, so it’s essential to ensure that the property is in good condition,” Webb said. “It’s only natural that a homebuyer will look to reduce costs whenever possible, but skipping a home survey is often a false economy.”
“Issues like damp and asbestos not only bite into your wallet, but they can also have a significant impact on your health. We need to do more to clarify the importance of surveys and how they can safeguard buyers. Brokers can play a critical role in educating their clients on the value of surveys during the homebuying process.”
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