The first half of 2014 (Jan-July) saw over 682,000 residential conveyancing transactions, over 100,000 more than the previous year.
Additionally, house prices increased by 11.7% in the year up to July 2014, up from 10.2% in the previous year to June 2014. With house prices set to soar even further and demand for housing increases, it is more important than ever to ensure purchasers are choosing the right house for them.
Imagine you locate your dream home, in an ideal location and put in an offer within your budget that is accepted. You move into the property a few months later, only to find construction on a large housing development or worse, a rubbish tip on the parcel of vacant land behind your property. A few thoughts would run through your mind… why wasn’t this picked up in a search? Why did the seller or estate agents not tell us about this ahead of exchange?
The property in question was an idyllically situated cottage overlooking rolling farmland, ancient woodland protected by Site of Special Scientific Interest (SSSI) status, and the South Downs National Park.
The cottage reaped huge interest with one interested party visiting the property 3 times for an hour each time. They were about to offer the asking price when the owner’s guilty conscience exposed plans for Europe’s largest household-waste dump behind the property. If planning was granted it would see over 400 lorries daily dumping 7 million tonnes of rubbish for the next 15 years. The interested party undertook their own enquiries of the government and the company behind the plan and were quickly frightened away.
However, not all property owners and sellers would have been so honest, leaving the interested party with no knowledge at all about the plans.
Large scale developments such as this are not always identified in the suite of mandatory searches and may only be picked up by specialist companies.
Don’t let your dream home turn into a waste dump by purchasing a Groundsure Planning report ahead of purchase.