Woolwich reveal house survey worries

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Woolwich reveal house survey worries

Thu 24th Aug 2006

Many buyers admit that they will pull out of a property purchase if the survey shows problems, according to the Woolwich.

The company revealed that many property purchasers are willing to reject a potential dream home if the building survey reveals any potential problems.

A total of 84 per cent of would-be-movers admitted that discovering their new home could be in a flood area would end a deal, whereas subsidence, asbestos and proximity to a landfill site could also result in them not completing the purchase.

However, not all problems can be revealed in a house survey and therefore the forthcoming introduction of home information packs as well as visiting the local neighbourhood could help to highlight certain issues.

Andy Gray, head of mortgages for the Woolwich, explained: “"A home buyers survey may show up some of the key deal breakers like subsidence but other issues won’t appear at all, such as troublesome neighbours, therefore it’s important the new neighbourhood is checked out."

He added: "However, hopefully home information packs, which become compulsory next year, will enable homebuyers to have more information upfront potentially reducing the number who pull out of property chains."

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