Over 50% of UK Homebuyers Misunderstand Surveying

According to Homebuyer Online’s recent studies, a quarter of all purchasers will end up out of pocket to the tune of £1,000 because of their own misunderstanding relating to the Homebuyer Report, designed to highlight potential problems with their new property. Homebuyers are under the impression that a bank or building society mortgage valuation and a Homebuyer Report are one and the same.

"This is simply not the case", says Homebuyer Online's managing director and surveyor Hugh Greenhouse. "A mortgage valuation simply looks at the value of the property for loan purposes and it's for the lender, not the buyer. It is not designed to show any potential problems.