Spring Has Sprung…
Spring is sprung, the grass is riz
I wonder where the houses is.
Sitting in garden on a glorious (for once) Bank Holiday, this little ditty came back to mind. Long ago when I was involved in the world of estate agency, in order to maximise discounts and newspaper advertising, estate agents had to advertise on a daily basis – normally this meant putting in a logo block with address and telephone number. I decided to be different and produced a number of ditties which I hoped would make the public remember me, after all, who could forget “we don’t sell shirts, we don’t sell blouses – David Moor only sells houses”?
This certainly worked. Within a year, we were receiving hundreds of suggestions, (some not repeatable) all of which helped make David Moor one of the premier estate agents in North Leeds.
So why, you may ask, am I going for a walk down memory lane? The answer is simple. The property market is cyclical, and there is mounting evidence that we are at the start of some sort of recovery. The headlines for the RICS Residential market Survey in April states:
“Help to buy gives sales market a lift. New buyer enquiries increase at the fastest rate in more than three years”.
According to the figures from the office for National Statistics, house prices climbed by 1.9% year on year to February, and first time home buyers are now paying 1.6% more for a property than they were last year.
A rise in house prices whilst helping those in negative equity clearly impacts on the funds that buyers have available, and so they look to cut corners. Results from a recent RICS survey of home buying consumers has revealed that many home owners who did not take out a home survey are left with a property they regret buying, and an average of £5,750 in repair bills.
The survey of 1,017 buyers across the UK found that consumers are clearly aware of the need for independent advice, with 94%of respondents agreeing it’s important to commission a survey, however nearly a third failed to do so. This means that buyers are left ignorant of issues with the property such as structural defects, subsidence and dry and wet rot, which can become serious matters at a later date. By that time a new home owner may not be able to fix the faults, and may not wish to do so.
Of the respondents who did commission a survey, 73% said it provided them with peace of mind, and more than 50% thought it was value for money. Of those who did not commission a survey, 89% now that it is important to take independent advice. In other words, pennywise pound foolish, it is always advisable to have a survey on a property that you are contemplating buying.