More than a third of homebuyers would be deterred from making an offer on a property by damp or structural issues, research from LRG has found.
Some 35% of buyers said the presence of damp or structural problems would stop them making an offer, rising to more than 40% among first-time buyers and family movers.
The proportion fell to 25% among downsizers, with LRG suggesting greater experience of owning and maintaining properties may make these buyers more comfortable assessing potential defects and repair costs.
Ryan Mathews, group managing director of Surveying at LRG, said:
“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.”
The findings come as the Government moves towards requiring more property information to be provided before homes are listed for sale.
The Ministry of Housing, Communities and Local Government’s home buying and selling reform roadmap, published in June, committed to legislating when parliamentary time allows for sales packs to be prepared before a property is listed, including searches and a property condition report.
Government consultation findings showed 79% of respondents supported mandatory upfront information.
Among surveyors, 67% supported the principle, while 34% backed including both searches and a condition report compared with 21% who opposed the proposal.
Mathews added:
“Bring that information forward, and it can be understood and reflected in the asking price from the start.
“Doing that at any scale depends on having enough qualified people, which is why the pace of change has to match the capacity of the sector.”
LRG also highlighted capacity as a potential challenge, with previous RICS research finding 87% of surveyors believed the skills gap was affecting the profession and 27% describing its impact as critical.
Neil Louth, group executive director at LRG and CEO of Acorn Group, said:
“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.”
He added:
“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.”
