A third of buyers would walk away over damp or structural issues

Damp or structural issues would stop around a third of buyers making an offer on a property, research suggests.

New analysis from estate agency brand LRG, whose surveying business trades as MAP Chartered Surveyors, found that damp or structural issues would stop 35% of buyers making an offer, placing them joint third among the reasons buyers give for not proceeding.

Broken down by buyer type, the picture shifts. Among first-time buyers and family movers, it sits above 40%. But the figure among downsizers, who have typically owned and maintained several homes, falls to 25%.

A first-time buyer usually has neither that experience nor much of a contingency fund, so an unexpected report reads as a reason to walk away.”

It comes as property condition reports are expected to be included in upfront information that will be required as part of the Government’s homebuying reforms.

Importance of good advice

Ryan Mathews, Group Managing Director of Surveying at LRG, suggests the buyers most likely to walk away are those with least experience of what a defect actually costs, but providing the information upfront may ensure any potential property faults are already reflected in the asking price.

He says: “Someone who has owned before tends to know that damp is a symptom rather than a single defect, and that a good deal of what a surveyor reports is manageable and can be priced.

“A first-time buyer usually has neither that experience nor much of a contingency fund, so an unexpected report reads as a reason to walk away.”

Information upfront

Neil Louth, Group Executive Director, LRG and CEO, Acorn Group, adds: “The fact that 35% of buyers say they would walk away because of damp or structural issues really highlights the importance of good advice. Identifying a problem doesn’t necessarily mean a transaction should fail.

“With the right surveyor and specialist support, the issue can be properly understood, quotations can be obtained, and the options for resolving it can be put in front of both buyer and seller.

“That’s why getting condition information upfront is so important. It gives everyone more time to find a solution, whether that means carrying out remedial work, reflecting the cost in the sale or giving the buyer the information they need to proceed with confidence.

“In an advice-led market, bringing the right professionals together early can prevent a manageable issue becoming the reason an otherwise good transaction falls through, saving both buyer and seller unnecessary time and money.”

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Author: Gemma