1 in 5 brokers not explaining the difference between a valuation and survey

A new poll has delved into the practices of brokers and lenders, uncovering that 21% do not explain the difference between a valuation and a survey to borrowers.

The webinar poll, undertaken by Countrywide Surveying Services, revealed that 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. 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.

The survey also 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.

Matthew Cumber, managing firector at Countrywide Surveying Services, 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.”