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Homeowners unaware of light touch lender valuations

Three fifths (59%) of UK homeowners are unaware that the vast majority of property valuations for mortgage lenders are now completed via desk or drive-by surveys – meaning they end up missing many of the problems contained in properties.

Research by home survey firm GB Home Surveys found that people are uncomfortable with the concept, as 70% reckon such valuations wouldn’t be able to identify any potential issues with the property.

James Quinn, managing director of GB Home Surveys, said: “It’s no surprise that the majority of homeowners aren’t aware that most lenders now opt for desk or drive by valuations, particularly if they haven’t moved in recent years.

“However, the fact 40% have experienced issues with damp highlights the sheer importance of a thorough home survey prior to completing on any property purchase.”

One in five (19%) homeowners say they plan to move in 2023, with more than a third (36%) planning to do so in two to three years.

Damp is a common issue that can be missed by a drive-by or desktop survey.

Some 43% of homeowners revealed they have experienced issues with damp when either purchasing or renting a property, with 26% having found electrical issues.

Only 12% of homeowners in the South West are planning to move house in 2023, compared to 23% of homeowners in London and the South East.

Meanwhile 38% of homeowners across the Midlands are looking to move house within the next 2 – 3 years, with a further 28% currently unsure.