UK homeowners uninformed when it comes to dealing in the residential property market

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by Kay Murchie

According to online property community, Zoopla!, 26% of homebuyers are still taking undue risks on their purchase by not carrying out any comparative research on the current value of homes before putting in an offer.

The organisation said with the UK property market is on the brink of the biggest moderation in 10 years, one in four are still taking an unnecessary gamble with their property purchase, indicating that UK homeowners are desperately uninformed when it comes to dealing in the residential property market, said Zoopla!.

In addition, 71% of homebuyers confess they do not even check a property’s previous sale price before signing on the dotted line, risking thousands of pounds in overpayment.

Zoopla! founder, Alex Chesterman, said for the majority of us, buying a property is one of the biggest decisions and payments we’ll ever make, so taking the right time and effort researching the market is crucial.

The average property in the UK currently costs £228,649, consequently, overpaying by 10% could cost buyers almost £30,000.

It is worth doing research into the prices paid by neighbours, current values and local trends before making an offer or setting a selling price, added Mr Chesterman.

Zoopla’s survey established that buyers were far more conscientious with more smaller purchases with 92% of buyers checking the price of kitchen items such as blenders and toasters, before purchase. 85% compare the value of cars before making a purchase but just 42% of people say they thoroughly research property prices before making a purchase.

Research shows that 90% of homeowners confirm their property was the biggest purchase of their lives.