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Damp and asbestos most common ‘hidden’ issues missed by buyers skipping home surveys, reveals Legal & General Surveying Services
Damp (22%) and asbestos (18%) are the two most common ‘hidden’ issues for those who do not opt for a home survey.
8 Jan 2025
New data from Legal & General Surveying Services1 has revealed the most common property issues that homebuyers miss if they skip a home survey, potentially costing them thousands of pounds in unplanned repairs and risking their health too.
L&G’s team of surveyors revealed the most common issues that go unnoticed without a home survey are damp (22%), asbestos (18%), and lack of building regulation approval for alterations and extensions (12%).
The NHS spends an estimated £1.4bn annually on treating illnesses associated with living in cold or damp housing, according to building research body BRE. In addition, unidentified asbestos poses a serious health risk for property owners, as prolonged exposure can lead to numerous problems, including respiratory difficulties.
The barriers to ordering a home survey
Of those surveyed, 14% said that homebuyers skipped a home survey due to the perceived cost. While a Level 2 survey costs around £400 on average, research has shown that the price to fix a property’s issues could run into the thousands.
According to Checkatrade, the cost of fixing rising damp and applying dampness treatment can cost on average £2,750, depending on the severity of the problem. In addition, the average asbestos removal cost in the UK is around £1,750 per square metre.
Almost two-thirds (64%) of respondents believe that homebuyers skip home surveys because they either don’t fully understand their value (26%), aren’t aware they need one (14%) or believe a lender valuation is sufficient (24%). These buyers could be at higher risk of having to pay for unforeseen repairs in the first 12 months of ownership.
Despite low customer awareness, the majority of respondents (69%) were confident that homebuyers would act on recommendations made in a survey.
Malcolm Webb, Risk Director, Legal & General Surveying Services: "Buying a home is typically the largest purchase a person will make in their lifetime, so it’s essential to ensure that the property is in good condition. It’s only natural that a homebuyer will look to reduce costs whenever possible, but skipping a home survey is often a false economy. Issues like damp and asbestos not only bite into your wallet, but they can also have a significant impact on your health.“We found that those who do commission a home survey overwhelmingly value the insights and peace of mind provided. Any issues identified through a survey can also be reflected in the final purchase price if both parties agree to negotiate on the basis of expected repair costs. The issue isn’t with having a survey – it’s that many customers aren’t aware of the difference between a home survey and a lender valuation. Many lender valuations are now completed remotely, facilitated by sophisticated technologies like Automated Valuation Models or desktop valuations, allowing surveyors to conduct their assessments without stepping foot inside a property. More needs to be done to clarify the importance of surveys and how they can safeguard buyers; we all have a role to play in improving consumer education and brokers can play their part by highlighting the importance of home surveys when advising buyers.”
References
1Interviews with 36 surveyors across Legal & General’s Surveying Services team, took place between 17th September and 14th November 2024. Legal & General’s surveying team helps 336,000 homebuyers with surveys and valuations each year and provides cover across the UK.
Further information
Harry Cheesewright
PR Campaign Manager
Retail
T: +44 (0)7908 954042
Notes to editors
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at HY24) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 11 December 2024, Legal & General has a market capitalisation of 13.7 billion.
Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.14 million retail policyholders and workplace members.
In 2023, we had total individual annuity sales of £1,431 million, and issued £299 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 5.2 million members, while our Protection businesses gave peace of mind to several million direct, group and US customers, taking in £1,991 million of UK and $1,584 million of US gross written premiums.