Buying a property in London can be an unsurprisingly daunting task, with the average house price now being £475,940, a figure which looks set to continue rising, with a 3.9% increase in 2012 alone (BBC 2013).
The importance of a surveyor
Whilst the mortgage lender’s of a property will undertake a valuation of the property, this will only consist of a basic assessment of the property’s condition in order to confirm that the property is worth the price that you have offered. For example, rather than assessing the condition of the roof, they will merely check that there is a roof, and that it isn’t likely to collapse any time in the very near future. By undertaking a private survey, you are not only are provided with peace of mind, but more importantly, you may be able to negotiate the price should any significant work be required.
According to recent research, over one fifth of home buyers who did not undertake a survey, now regret their decision. On average, those that neglected to undertake a survey had spent around £5,750 on attempting to remedy issues that came to light following their purchase.
Whilst the research revealed that 89% of homebuyers who had purchased without a survey, now believed that it would have been a worthwhile undertaking; 73% of homebuyers who did opt for a private survey, were of the opinion that it was a worthwhile investment, and that it provided confidence that their purchase was the right decision.
Invaluable Surveyor advice
Consulting an experienced surveyor in London for your house purchase can not only provide you with insight as to the true condition of your property, but can additionally provide you with information in relation to topics such as the Local authorities, rights of way and other factors that may affect your decision.
Additionally your surveyor should have a good knowledge of the local area, and if you’re house purchase is of a specific type (such as renovation) then it pays to seek a surveyor with expertise in that particular field.
Surveyors & the City of LondonRepair bills and London
The current research is based upon a nationwide survey. The figures of the average repair bill would certainly be more expensive for a property in London. To give some insight, you need only to look at the average salary difference for London tradesmen, compared to the rest of the UK. For instance, Total Jobs reports the average salary of a roofer in the UK to be £26,000, whilst London roofers can expect a salary average of £35,382.
London’s period properties
Whilst over half of the homes in London are maisonettes, flats or apartments, London is also famed for its extensive range of period properties. From terraced Georgian houses, to the Victorian houses that represent the traditional London Landscape.
The importance of hiring a surveyor in London when purchasing a period property cannot be underestimated. Buying a period property means that you do not benefit from the guarantees that buying a new property can bring; Furthermore, an older home can come with additional considerations, such as whether you can extend, or otherwise undertake any work that will affect the property’s appearance.