A new report has taken a closer look at the thousands of property sales that fell through across the UK during 2024, highlighting just how complex the home-buying process can be.
At Lea Hough Chartered Surveyors, we understand that buying a home is one of the most significant investments you’ll ever make. That’s why we encourage buyers to approach the process with caution, using a survey report as a crucial tool for making informed decisions. Here we look at the link between surveys and the completion of house sales.
Why Buyers Pull Out After a Survey
According to industry reports, many sales collapse because of survey findings that reveal costly repairs or defects. While a breakdown of sale is often viewed negatively, it can actually be a positive outcome for the buyers in the long run. Armed with the information about the condition of a property, buyers often feel they are better off walking away than committing to a property that could become a financial burden.
This is where a detailed survey becomes a buyer’s best friend. By shedding light on potential risks and costs, you can make a decision with confidence; whether that means renegotiating the price, seeking specialist advice, or stepping away altogether.
When a Negative Report Is a Positive Outcome
A property survey isn’t just a checklist of what’s wrong with the house – it’s a means of helping you understand what you’re committing to. While discovering potential issues can feel like a setback, having this knowledge early can save you from costly surprises down the line.
From structural defects and damp issues to roof repairs and drainage problems, survey reports often uncover hidden concerns that could turn a dream home into a nightmare. If the cost of repairs outweighs the property’s value, pulling out of the sale might be the wisest decision.
It’s not unusual for couples to have differing opinions about a property. Sometimes, after receiving a negative survey report, one party may be relieved; they now have a valid reason to suggest rethinking the purchase. While it’s not our role to decide for you, we’re here to provide the facts and professional guidance you need to reach a consensus.
Helping Clients Navigate Their Decisions
At Lea Hough, we make ourselves readily available to discuss the details of your survey report. Our team is happy to take calls from clients who want to discuss our findings or seek clarification on specific issues. These conversations can be invaluable, helping to weigh the pros and cons of proceeding with the purchase.
Contact Lea Hough Chartered Surveyors
Buying a property is as much about making a sound investment as it is about finding the right home for your needs.
If you’re in the process of buying a property and want the reassurance of a professional survey, contact Lea Hough Chartered Surveyors. We’re here to guide you every step of the way and give you the insight and advice needed to make the best decision for your future.
