66% encounter problems buying property

by Property 118

3 weeks ago

66% encounter problems buying property

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66% encounter problems buying property

The majority of buyers report problems in the buying process, with common issues caused by delays in the chain, difficulty finding a suitable property, and homes left in poor condition.

In its annual survey of home buyers, Which? Mortgage Advisers looked at the biggest issues reported during the home buying process and found that two in three (66%) experience problems.

The most common problem was delays caused by others in the chain, which was reported by one in five (19%) of those surveyed. 18% of home buyers claimed that they found it difficult to find a suitable property, and 13% said the property they bought was left in poor condition or with unexpected furniture.

12% reported that they encountered problems on completion day and 10% had a problem or delay while getting a mortgage. Other problems cited were due to the removals company(10%, the conveyancer 8% and the surveyor 7%.

Which? Mortgage Advisers previously found that three in 10 property purchases fall through, reiterating the obstacles that are in the way for those looking to buy and sell property in the UK.

The main reasons for a property purchase falling through were:

●     The seller decided not to sell their home after all (27%)

●     The buyer pulled out, as their own property sale had fallen through (21%)

●     The buyer found somewhere else to buy (21%)

●     The buyer was ‘gazumped’ (21%)

Of those who had lost money and knew how much they were out of pocket, the average loss was £2,899. This included conveyancing, survey, mortgage valuation or brokerage fees paid and not recovered.



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