A conveyancing services firm is warning that buyers are making “hasty rather than considered” decisions over properties because they feel under pressure to act.
Kate Bould, managing director of West Midlands Property Index, says fast-rising average property values mean difficulties for many home buyers.
“As demand continues to outstrip supply, house buyers are feeling the pressure to buy something. Often this leads to a hasty rather than considered decision over whether a house is the right one in the right location for them” claims Bould.
“The average cash deposit for West Midlands homebuyers is of 15 per cent of the purchase price – that’s around £40,000 to secure a home. This is a huge financial challenge and commitment for most people, but even greater for first time buyers, who we hear are increasingly turning to relatives for financial help to get them onto the property ladder.”
She adds: “I believe the residential property sector has a duty and responsibility to educate and inform homebuyers of the simple steps and options they have available that will really minimise the risks and protect them from negative financial consequences, to fully support them with their new home purchase.”
Bould continues: “Buyers desperate to move or get on the property ladder must be told about the importance of protecting themselves against all possible risks associated with buying a property.
“They need to know they can utilise a comprehensive portfolio of land and transport searches, and take-out affordable specialist insurance to provide protection against many of the possible issues including the fast-growing and invasive plant Japanese Knotweed that this year is an even bigger headache for homeowners thanks to this year’s weather.”
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