Should pre-sale surveys be made mandatory?

- Wed 07 Aug 2024

A recent survey showed that surveyors, lenders and mortgage brokers are in favour of legislation for pre-sale surveys. An impressive 71% of respondents favoured implementing legislation to mandate pre-sale surveys, indicating a strong industry consensus.

The poll also highlighted several challenges that need to be addressed to make pre-sale surveys a standard practice:

Misconceptions: A significant 54% of respondents noted the flawed belief that a property valuation is equivalent to a survey. This misconception often prevents buyers from seeking a comprehensive survey.
Knowledge gaps: Lack of knowledge (47%) and cost concerns (45%) were also identified as major barriers to commissioning surveys.
Communication Issues: The poll revealed that a fifth of brokers and lenders fail to adequately explain the difference between a valuation and a survey to borrowers, contributing to confusion and poor decision-making.

It’s clear from these results that the industry sees significant value in pre-sale surveys as a means to help streamline the homebuying and selling process. By providing buyers with as much up-front property-related information as possible, there is a greater level of transparency and efficiency during such a complicated process.

Despite these barriers, the poll found that 39% of property professionals consistently recommend home condition surveys to their clients, while 36% do so occasionally. However, there is still a significant portion of the industry that seldom or never advises on the necessity of these surveys.

Sue Shears, Managing Director of Bradleys Surveyors commented; “The insights from this poll highlight the need for addressing misconceptions and increasing awareness about the benefits of all types of surveys. When spending such a large amount of money, undertaking a survey to protect your investment is essential. Whether pre-sale surveys become mandatory we will see, however they could benefit both buyers and sellers.”

Bradleys Surveyors carries out surveys on all type and age of properties and can discuss which survey would be appropriate for your needs. Bradleys Surveyors cover Devon, Cornwall and Somerset and all surveyors are Chartered Surveyors with many years of experience. Please feel free to contact them on 01209 712111 or 01392 425891 or visit our website www.bradleyssurveyors.co.uk for more information.

Should pre-sale surveys be made mandatory?

More Stories