Home Selling Secrets

A new study by CIA Landlord has surveyed over 2000 UK homeowners who have sold homes to reveal the most common things people lie about when selling their home

Despite the pandemic, homes are selling an average of 31% faster than in 2019, and with additional safety measures making it more difficult to adequately view properties, there’s potential for homeowners to get away with hiding problems in their house.

A new study conducted by CIA Landlord surveyed 2000 UK homeowners to reveal the most common things people lie about when selling their home. From rats and mould to noisy neighbours and leaks, our study reveals the top hidden problems Brits need to look out for when buying a home.

1 Out of 6 of Home Sellers in the UK Lie About Existing Problems When Selling a Home

It can be difficult to know what to look out for when viewing properties, especially if homeowners are not being honest about the state of the house. According to our survey of 2000 homeowners, a staggering 16% of homeowners lie about problems when selling a home. This percentage significantly increased for younger sellers, where 40% of those between the ages of 25 and 34 have lied about problems when selling a property.

Landlord Loyalty by Age Group 18-24 25-34 35-44 45-54 55+
Percentage of homeowners who have lied 64% 40% 27% 15% 9%
Percentage of homeowners who haven’t lied 36% 60% 73% 85% 91%

With the rise of virtual viewings,  it makes it even more difficult for buyers to pinpoint these problems and purchase properties that they will need to fix further down the line.

Noisy Neighbours, Mould and Leaks Are the Most Common Things British Home sellers Lie About When Selling Their Property

In terms of what problems sellers are hiding, noisy neighbours are the most common issue with more than 21% concealing it when selling a property. This can be further amplified during the pandemic with more people spending time at home and noisy surroundings being more of a hindrance, especially for those working from home.

Mould and leaks are the next most common complication homeowners withhold, with 19% of sellers camouflaging mould and 16% lying about existing leaks in the property. Termites, on the other hand, are the least common issue sellers lie about with only 4% concealing them from future buyers.

These are the 10 most common problems UK homeowners lie about when selling a property:

Rank Problem Percentage who have lied about it in their house
1 Noisy neighbours 21.6%
2 Mould 19.1%
3 Leaks 16.3%
4 Hidden stains 14.4%
5 Damp 13.8%
6 Noisy surroundings 12.9%
7 Poor water pressure 11.3%
8 Draft 11.0%
9 Cracks in the walls 11.0%
10 Broken appliances 10.3%

Brits Pay on Average £5,673 in Repair Costs That Home sellers Fail to Disclose

While some unknown problems when buying a home can be easily fixed, others can cost new owners an extortionate amount in repair costs.

Our study revealed whilst a third (32.6%) of home sellers who have lied about the condition of their home only admit it will cost new buyers £0 to £1000, overall on average it costs new homeowners a hefty £5,673 in hidden repair costs when buying a home from a sneaky home seller.

Repair costs Percentage of home sellers who have hidden these repair costs from buyers
0 – £1,000 32.6%
£1,001 – £5000 19.1%
£5,001 – £10,000 21.0%
£10,001 – £20,000 12.2%
£20,001+ 4.7%

75% of Home Sellers Reveal They Made a Profit of 27% When Selling a Home With Existing Problems

Alongside homeowners concealing existing problems in the home, the survey highlights that on average, 75% of sellers make a profit on homes they sell where there have been unreported problems.

To avoid purchasing a home with underlying problems, it is recommended to do your research on a house before making any final decisions. Consult with a property survey to inspect the house and get a better picture of the condition it’s in and any work that may be required if you choose to go ahead with the purchase.

The percentage of homeowners who made a profit on a house sold with existing problems:

Percentage profit Percentage of homeowners
1% – 10% 10.4%
11% – 20% 23.2%
21% – 30% 23.7%
31% – 40% 18.7%
41% – 50% 9.5%
51%+ 8.3%

London Home sellers Most Likely To Lie About Existing House Problems When Selling a Home

Our survey revealed that 1 out of 5 landlords in our capital city have hidden or lied about issues in a home when selling it to a new owner. The findings also revealed that over a quarter (27%) of London home sellers have also made a profit on a home requiring a staggering average of £20,000 in repair costs!

Following in second with 8.20% of landlords likely to conceal the truth, are Manchester landlords. Third in line are those selling a house in Birmingham, where 5% of landlords aren’t upfront about issues.

Rank City Percentage who have lied about it in their house The top 3 most common issues hidden from homebuyers
1 London 19.95% 1. Mould 2. Noisy Neighbours 3. Leaks
2 Manchester 8.20% 1. Mould 2. Water Damage 3.Damp
3 Birmingham 5.00% 1. Noisy Surroundings 2. Mould 3. Poor Water Pressure
4 Sheffield 4.25% 1. Noisy Neighbours 2. Draft 3. Leaks
5 Leeds 4.15% 1. Noisy Neighbours 2. Broken Shower Heating 3. Broken or Poor Drainage
6 Newcastle 4.10% 1. Mould 2. Ants 3. Hidden Stains
7 Leicester 4.05% 1. Mould 2. Noisy Surroundings 3. Poor Water Pressure
8 Glasgow 3.75% 1. Noisy Neighbours 2. Damp 3. Mould
9 Bristol 3.70% 1. Thin Walls 2. Damp 3. Noisy Surroundings
10 Liverpool 3.65% 1. Leaks 2. Damp 3. Hidden Stains

Aberystwyth, Wales Home Sellers Are Least Likely to Lie About Problems When Selling a Home

If you’re looking to buy a home with no issues and would like the current homeowner to be upfront about it, house hunting in Aberystwyth would be your safest bet as only 0.35% of sellers here are likely to lie about problems.

The second best place for honest landlords would be Worcester, where only 0.70% of home sellers said they would hide issues on their property. Not far behind are Gloucester homeowners, here only 0.95% of landlords have admitted to being deceitful when trying to sell a home.

Rank City Percentage who have lied about it in their house
1 Aberystwyth 0.35%
2 Worcester 0.70%
3 Gloucester 0.95%
4 Wrexham 1.15%
5 Swansea 1.30%
6 Portsmouth 1.60%
7 Coventry 1.75%
8 Oxford 1.80%
9 Belfast 1.90%
10 Chelmsford 1.90%

Survey Results

A survey was conducted in association with One Poll in November 2020 among 2000 UK respondents who have sold homes they owned in the past. Full data is available upon request.

Notes to Editors:

If you’re interested in covering our study, we only ask to please refer back to this study with a link to this post.

Best Cities To Save For House Deposits

A new study by CIA Landlords has analysed the best UK cities and US States to save for a house deposit or downpayment.

In the current climate, saving money for a big enough house deposit is becoming increasingly out of reach. Whether it’s due to an increase in home bill costs or banks wanting a higher percentage deposit, saving enough cash amidst a looming pandemic seems almost impossible for many young people.

But what if moving cities could provide you with a better opportunity to purchase your dream home?

In this study, CIA Landlord Insurance has revealed the best and worst UK cities and US states to save for a house deposit or downpayment. The research explores average house prices, average deposits, monthly salary and spending, average monthly savings and the average time it will take to save for the deposit.

Huddersfield Ranks as the Best UK City to Save for a Deposit, Followed by Coventry and Aberdeen

Rank City Average House Price (£) Average Deposit Needed (£) Average Monthly Salary (£) Average Monthly Cost of Living (£) Average Monthly Savings (£) Time Taken to Save For Deposit (months)
1 Huddersfield £172,624 £25,893.60 £1,950.00 £422.85 £1,527.15 16.96
2 Coventry £208,223 £31,233.45 £2,235.56 £645.58 £1,589.98 19.64
3 Aberdeen £215,271 £32,290.65 £2,294.44 £674.96 £1,619.48 19.94
4 Hull £136,767 £20,515.05 £1,617.26 £606.12 £1,011.14 20.29
5 Manchester £202,905 £30,435.75 £2,135.10 £662.89 £1,472.21 20.67
6 Glasgow £193,302 £28,995.30 £1,977.68 £609.73 £1,367.95 21.20
7 West Bromwich £153,890 £23,083.50 £1,700.00 £648.21 £1,051.79 21.95
8 Wolverhampton £212,468 £31,870.20 £1,912.50 £481.39 £1,431.11 22.27
9 Swansea £185,082 £27,762.30 £1,875.00 £670.06 £1,204.94 23.04
10 Dundee £179,066 £26,859.90 £1,757.34 £612.63 £1,144.71 23.46
11 Southampton £208,223 £31,233.45 £1,943.70 £645.73 £1,297.97 24.06
12 Bradford £133,580 £20,037.00 £1,429.00 £597.37 £831.63 24.09
13 Doncaster £160,043 £24,006.45 £1,587.50 £613.28 £974.22 24.64
14 Derby £202,932 £30,439.80 £1,872.22 £638.97 £1,233.25 24.68
15 Stoke-on-Trent £163,289 £24,493.35 £1,590.00 £645.67 £944.33 25.94

For those who are looking to save for a deposit and buy a home as soon as possible, Huddersfield ranks as the best city to do so. With its low average deposit of £25,893 and cost of living at £422.85 a month, monthly savings are high, with calculations estimating it could take you just 17 months to afford a deposit.

Coventry ranks second in the study, despite having a much higher deposit demand at £31,233.45. With its high average monthly salaries and reasonable average monthly living costs, monthly savings equate to £1,589.98. This would therefore mean you could have a deposit saved up in under 20 months.

Ranking in third is Aberdeen. Aberdeen’s high monthly savings of £1,619.48 counteracts the higher house and deposit prices. Much like Coventry, you could save for a deposit in under 20 months when moving to the Scottish city.

Study Reveals Cambridge Is the Worst UK City to Save for a Deposit

Rank City Average House Price (£) Average Deposit Needed (£) Average Monthly Salary (£) Average Monthly Cost of Living (£) Average Monthly Savings (£) Time Taken to Save For Deposit (months)
1 Cambridge £442,744 £66,411.60 £1,982.23 £709.94 £1,272.29 52.20
2 Croydon £360,561 £54,084.15 £1,776.39 £712.59 £1,063.80 50.84
3 London £666,842 £100,026.30 £2,819.56 £839.19 £1,980.37 50.51
4 Peterborough £212,468 £31,870.20 £1,407.14 £747.03 £660.11 48.28
5 York £303,256 £45,488.40 £1,710.00 £712.95 £997.05 45.62
6 Brighton £384,338 £57,650.70 £2,040.00 £773.36 £1,266.64 45.51
7 Crawley £337,588 £50,638.20 £1,705.44 £512.97 £1,192.47 42.46
8 Milton Keynes £297,883 £44,682.45 £1,785.33 £678.79 £1,106.54 40.38
9 Worcester £272,206 £40,830.90 £1,647.50 £608.66 £1,038.84 39.30
10 Watford £435,046 £65,256.90 £2,413.89 £736.71 £1,677.18 38.91
11 Edinburgh £303,416 £45,512.40 £1,859.21 £687.62 £1,171.59 38.85
12 Swindon £262,853 £39,427.95 £1,757.81 £693.79 £1,064.02 37.06
13 Bristol £328,466 £49,269.90 £2,037.89 £703.32 £1,334.57 36.92
14 Bournemouth £304,229 £45,634.35 £1,882.87 £606.98 £1,275.89 35.77
15 Bath £436,884 £65,532.60 £2,662.50 £806.97 £1,855.53 35.32

With its high house prices and high average monthly living costs, Cambridge ranks as the worst UK city to save for a deposit. Individuals living in Cambridge would need more than four years of continuous saving (whilst living at home) in order to be able to afford the average deposit price of £66,411.60.

Croydon ranks as the second-worst city for a deposit, mainly due to its combination of high deposit costs and low monthly savings capabilities. With average monthly savings of just £1,063.80, it would take residents just over four years to be able to save for a deposit.

It may come to little surprise that London is ranked within the top 3 worst cities to save for a deposit. Despite its high average monthly salary and monthly savings capabilities, the size of deposits means it can take residents over four years to hit the required deposit figure of £100,026.30.

West Virginia Ranks as the Best US State to Save for a Downpayment

Rank State Average House Price ($) Average Deposit Needed ($) Average Monthly Salary ($) Average Monthly Cost of Living ($) Average Monthly Savings ($) Time Taken to Save For Deposit (months)
1 West Virginia $107,064 $21,412.80 $4,079.91 $638.00 $3,441.91 6.22
2 Ohio $156,343 $31,268.60 $4,024.46 $946.09 $3,078.37 10.16
3 Kentucky $150,918 $30,183.60 $3,733.83 $870.15 $2,863.68 10.54
4 Arkansas $131,837 $26,367.40 $3,330.18 $841.84 $2,488.34 10.60
5 Oklahoma $134,289 $26,857.80 $3,313.58 $843.24 $2,470.34 10.87
6 Georgia $208,833 $41,766.60 $4,713.53 $1,023.02 $3,690.51 11.32
7 South Dakota $217,215 $43,443.00 $4,383.91 $615.00 $3,768.91 11.53
8 Virginia $293,818 $58,763.60 $5,583.41 $621.00 $4,962.41 11.84
9 Iowa $155,781 $31,156.20 $3,367.53 $862.93 $2,504.60 12.44
10 Wyoming $254,753 $50,950.60 $4,570.41 $479.00 $4,091.41 12.45
11 Illinois $204,872 $40,974.40 $4,254.50 $1,052.81 $3,201.69 12.80
12 North Carolina $210,766 $42,153.20 $4,292.39 $1,006.12 $3,286.27 12.83
13 Missouri $167,700 $33,540.00 $3,485.41 $917.62 $2,567.79 13.06
14 Texas $213,036 $42,607.20 $4,120.57 $865.25 $3,255.32 13.09
15 Tennessee $192,275 $38,455.00 $3,827.94 $967.00 $2,860.94 13.44

Taking just 6 months to save for a deposit, West Virginia ranks as the best state. With its low average house prices of just $107,064 and high average monthly salaries of $4,079.91, it means individuals are able to save $3,441.91 a month. With the average deposit needed being around $21,412.80, you’ll only need half a year to save!

Ohio follows West Virginia in second place. With house prices averaging $156,343, you’ll need a deposit of just $31,268.60. Having average monthly savings of £3,078.37 means you’ll be able to save for a deposit in just over 10 months.

Kentucky rounds off the top 3 US states, taking just over 10.5 months to save for a deposit. Lower house prices and low monthly costs of living allow for average monthly savings to be around $2,863.68. This combined with a low deposit of $30,183.60 means you could be moving into your new home within a year!

Hawaii Ranks as the Worst Us State to Save for a Downpayment

Rank City Average House Price ($) Average Deposit Needed ($) Average Monthly Salary ($) Average Monthly Cost of Living ($) Average Monthly Savings ($) Time Taken to Save For Deposit (months)
1 Hawaii $646,733 $129,346.60 $3,217.08 $1,244.14 $1,972.94 65.56
2 Montana $293,685 $58,737.00 $2,363.66 $845.03 $1,518.63 38.68
3 New Jersey $346,368 $69,273.60 $2,834.33 $1,031.84 $1,802.49 38.43
4 California $579,332 $115,866.40 $4,583.86 $1,055.44 $3,528.42 32.84
5 Idaho $303,606 $60,721.20 $2,894.14 $793.70 $2,100.44 28.91
6 Oregon $374,604 $74,920.80 $3,896.85 $1,031.20 $2,865.65 26.14
7 Rhode Island $312,255 $62,451.00 $3,126.16 $703.00 $2,423.16 25.77
8 Utah $360,044 $72,008.80 $3,796.97 $846.53 $2,950.44 24.41
9 Colorado $412,819 $82,563.80 $4,400.95 $997.14 $3,403.81 24.26
10 Nevada $311,018 $62,203.60 $3,499.01 $890.36 $2,608.65 23.85
11 Michigan $180,404 $36,080.80 $2,442.26 $884.25 $1,558.01 23.16
12 Maryland $317,033 $63,406.60 $3,711.52 $965.85 $2,745.67 23.09
13 Vermont $264,777 $52,955.40 $3,562.08 $1,251.36 $2,310.72 22.92
14 Massachusetts $439,541 $87,908.20 $5,038.35 $1,159.17 $3,879.18 22.66
15 Wisconsin $206,169 $41,233.80 $2,878.29 $1,019.15 $1,859.14 22.18

With soaring house prices of $646,733 and deposit averages hitting $129,346.60, it’s no surprise that Hawaii is the worst state to save for a deposit. High average monthly costs of living counteract the high average salaries available in Hawaii meaning it will take you nearly five and a half years to save for a deposit.

Montana ranks as the second-worst state to save for a deposit despite it’s much lower house prices of $293,685. With that, average monthly wages are also low, extending the time needed to save for a deposit.

One noticeable state is California. House prices average at $579,332 meaning the average deposit needed is a staggering $115,866.40. What helps the state of California however is its high salaries. With monthly salaries reaching $4,583.86, you’re able to put more than $3,500 away each month, saving for a deposit in just over two and a half years.

Sources and Methodology

In order to calculate the best cities for saving for a deposit, we analysed 6 costs and factors including the average cost of properties, average deposit size, average monthly salary, average monthly cost of living, average monthly savings and the time, in months, taken to afford a deposit.

Notes to Editors:

If you’re interested in covering our study, we only ask to please refer back to this study with a link to this post.

Owning a Property Makes You More Attractive According to New Dating Study

A new study by CIA Landlord Insurance reveals that Tinder users who specify that they own a property in their profile receive 57% more matches than those who don’t

During the pandemic, dating app usage has soared in popularity and going on dates without leaving the house is the status quo. Tinder saw more than 3 billion swipes on one day alone in March, the largest surge in history.

A new study conducted by CIA Landlord Insurance investigated how attractive owning property was to potential matches by analysing how many swipes non-homeowners got in comparison to users who are on the property ladder.

The Swiping Experiment

To find out which was most attractive to Tinder users, we created one male and one female profile using the same details, including interests, job title, location, and bio, however on one profile we mentioned that they had recently purchased a property.

After 100 right swipes were made on each of the accounts, we waited 24 hours to count the Tinder matches.

Men Who Own a House Are 57% More Likely to Get a Match on Tinder than Men Who Don’t

If you suspected that owning a house may improve your chances of getting a date, then you’re right! The study revealed that men who own property are 57% more likely to get a match on Tinder than men who were not on the property ladder.

Simply mentioning that you were a homeowner or including a photograph of your property increased matches in comparison to men who didn’t, indicating that owning a property actually makes you more attractive to the opposite sex.

Women Who Own a House Are 10% More Likely to Get a Match on Tinder Than Those Who Don’t

While women on Tinder receive an average of 60% more likes than men, women who own property further increased this percentage. Female property owners also receive 7% more matches than women who don’t own their own house.

With more than 57 million people using Tinder across the globe, there’s no shortage of potential matches. However, for those wanting to further maximise their dating prospects, mentioning that you are on the property ladder may just be the way to go.

Women Get 900% More Comments Than Men About Homeownership on Tinder

Men are 900% more likely to address the fact that women own a property on a dating app but only 10% more likely to swipe right on homeowners. The study found that the average female profile receives messages by 16% of matches within 12 hours of swiping about purchasing a property. These range from “how does it feel to be a homeowner?” to ‘owning a house is very attractive”.

Methodology

Survey Results

The study was conducted using Tinder in November 2020. To find out which was most attractive to Tinder users, we created one male and one female profile using the same details, including interests, job title, location and bio, however on one profile we mentioned that they had recently purchased a property.

After 100 right swipes were made on each of the accounts, we waited 24 hours to count the Tinder matches.

Data

Full data is available upon request.

Notes to Editors:

If you’re interested in covering our study, we only ask you to please refer back to this study with a link to this post.