Stamp Duty Deadline: Hurry! But do so cautiously… as over 50% of surveyed homeowners foot the bill for water leaks

Domestic water leaks have caused over a third of surveyed homeowners undue worry and stress ..

After a year of restrictions and limitations on life as we know it, the government’s temporary stamp duty holiday was a rare benefit to emerge from the pandemic. However, as the deadline on this period of relief draws closer, house hunters up and down the country are scrambling to complete on dream home purchases before the end of the month. Yet, new data has revealed that buyers should remain cautious while rushing to complete on purchases as over two thirds (67%) of surveyed homeowners have experienced a damaging and costly domestic water leak in their home.

The study by insurtech provider of IoT enabled water detectors, LeakBotrevealed that 20% of surveyed homeowners had experienced 3 or more water leaks in houses they had lived in as adults. With each leak resulting in average repair costs of £1,074 and over half (52%) of polled property owners opting to shell out for these repairs themselves, the study revealed it could be a costly issue to overlook.

However, the data revealed that some properties were more at risk of these costly, water leaks than others. Those rushing to complete a purchase on a post-war property (1945-1990) should do so wearingly as the study revealed these homes to be the most susceptible to leaks. In fact, over a quarter (28%) of surveyed post-war property owners revealed they had experienced a domestic leak in a home of this age. The study named faulty bathroom plumbing as the biggest culprit of water leaks in post-war aged properties (37%), closely followed by problematic kitchen pipes (34%) and leaky shower or bath units (21%). Although, those looking to purchase a new-build property (1990-2019) aren’t out of the clear either as over 1 in 10 polled homeowners reported domestic leaks despite newer fittings.

As the end of June stamp duty holiday deadline draws closer, many prospective homeowners will be feeling the pressure. Yet, Leakbot’s research has highlighted that the stress of a dealing with a hidden leak can be just as exhausting. Over a third (34%) of surveyed homeowners reported that domestic leaks have caused them undue worry and stress, while more than 1 in 10 (13%) have had to take time off from work to resolve the issue and an additional 10% admit that water damage in their home has left them too self-conscious to invite friends and family over to their home.

Craig Foster, CEO of LeakBot commented: ‘With the countdown on for prospective homeowners to get deals across the line before the end of the month, necessary checks and inspections on properties could fall by the wayside. However, it is important that home buyers not only check for current water leaks but protect their new home against the risk of future leaks to avoid damage. Future-proofing a home against domestic leaks will prevent costly repairs and undue stress but can also reduce the cost of home insurance premiums – a welcome reduction for any new homeowner!’

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