A webinar poll undertaken by Countrywide Surveying Services (CSS), one of the leading suppliers of property risk management, valuations and customer surveys in the UK, has revealed that over two-thirds of property professionals are in favour of pre-sale surveys.
When faced with the question - should the new Government legislate for pre-sale surveys to speed up the homebuying and selling process - 71% of respondents stated their support for such legislation, while 29% were not in favour.
The poll also delved into the practices of brokers and lenders, uncovering that 21% do not explain the difference between a valuation and a survey to borrowers, which is an area that needs to be urgently addressed. In contrast, 79% stated that they did clarify this important distinction.
Barriers for customers to instruct a survey were also evident. The flawed belief that the valuation is a survey for the benefit of the customer rather than lender was cited as being the primary obstacle by 54% of respondents. This is undoubtedly linked to the results from the previous poll in terms of consumers not being told the difference between a survey and a valuation by a fifth of brokers or lenders. Other barriers included knowledge (47%), cost (45%) and not being offered a survey in the first place (22%).
In terms of actively recommending borrowers to instruct a home condition survey, 39% of property professionals stated that they do this every time. 36% said sometimes, 12% suggested that this was not something for everyone, 9% replied never and 3% hardly ever actively recommend home condition reports.
These responses emerged at Countrywide Surveying Services’ regular webinar series, which focuses on the current issues facing the residential property market and surveying.
Over 300 people actively engaged with the session, with the audience consisting of lenders, brokers, surveyors and other property professionals. The panel included Rob Stevens, Head of Property Risk at Nationwide Building Society, Jessica Folkes, Head of Mortgage Sales at Dynamo, Martyn Stones, Director of Technical Services at Countrywide Surveying Services and Rebecca Freeman, Director of Field Operations at Countrywide Surveying Services.
The session was hosted by Matthew Cumber, Managing Director at Countrywide Surveying Services who commented:
“It’s clear from these results that the industry sees significant value in pre-sale surveys as a means to help streamline the homebuying and selling process. By providing buyers with as much up-front property-related information as possible will provide greater levels of transparency and efficiency during such a complex and emotive process.
“There remain many barriers to overcome from a consumer perspective but many of these can be addressed relatively easily via education and advice. As such it underlines the importance of everyone involved in the process conveying the right information and messaging around surveys and helping consumers make informed early decisions about the property they are buying.”
