Half of UK homebuyers who purchased during the pandemic regret how much they paid, leading to concerns over property panic buying.
A survey by insurer Aviva revealed nearly a quarter of homebuyers paid over the asking price during the pandemic compared to 8% in the previous 12 months.
What’s more, 94% of pandemic property purchasers felt under pressure to buy quickly and as many as nine out of ten found problems with their properties after moving in.
This may be down to the fact many buyers didn’t actually see their home in real life before they decided to buy it. The insurer found only 42% viewed it in person – as many as 33% relied on video viewings and 36% on written information and photos.buying
Aviva said this evidence of property panic buying could be opening the door to homeowner regret and has offered tips to anyone still on their home buying journey to ensure they don’t fall into the same trap.
Owen Morris of Aviva said: “The housing market is moving at an incredible pace, with multiple buyers for properties in many parts of the country.
“This is inevitably influencing how much people are paying for their homes and how quickly they are making decisions.
“But our research reveals many people are finding problems with their properties only when it’s too late.
“These range from more minor irritations, such as the need to decorate, to more worrying problems such as crumbling brickwork or a risk of flooding.
“It can be easy to fall in love with a home on first viewing, but we’d urge people to do their homework and proceed with caution when making one of the biggest financial decisions of their lives.”
Checklist
Aviva has put together the following home-viewing checklist to help buyers avoid making a costly mistake.
Visit the property in person if it is Covid-safe to do so – video viewings provide a convenient way to see a home, but they don’t always give the full picture.
Insist on a HomeBuyer Report – this survey will help to find issues with a property, such as subsidence and damp. Most mortgage providers will require one in order to lend.
Japanese knotweed – This invasive weed can spread uncontrollably and damage garden walls, pathways and even affect the structure of your home. Look out for signs of knotweed on any neighbouring land, as well as the grounds of your property.
Chimney – bring a pair of binoculars to check from ground level. Look out for dampness leaking into the roof space below, white furry salts, brown staining, any leaning or bulging or plants growing.
Cavity walls – look out for regular horizontal cracks and bulging of the wall.
Retaining walls – look out for leaning or cracked walls and disintegrating bricks or stonework.
Flat roofs – look out for standing water, lifting or cracked joins or signs of vegetation growth.
Floors – watch out for springiness in the floor, a damp, musty smell or dampness on the wall.
Windows: Leaks around windows could mean they are in a poor condition. Warning signs include rot on timber windows and any signs of brittle or cracking sealant around PVC window frames.
Walls – watch out for black mould also a musty smell, dampness on walls or ceilings and black or green mould, especially in the backs of cupboards on outer walls.
Bathrooms – look out for cracked or failed sealant around sinks, showers and baths, as well as stains on the ceilings of rooms below bathrooms.
Risk of flooding – be sure to ask whether the property is in a flood risk area and whether it has flooded before. Sellers must tell you about any past floods and provide a flood risk report, if one has been carried out. You can find out if the property is at risk of flooding by using the government’s flood risk checker.
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