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In the latest iteration of its Home Survey Trends Index for Q2 2024, Countrywide Surveying Services (CSS), one of the leading suppliers of valuation panel management services, has noted a 0.9% increase in the number of homebuyers instructing a home condition survey with their recent property purchase.
Despite this uplift, only 10.6% of homebuyers were found to have instructed a home condition survey with their property purchase in Q2 2024. This figure is inclusive of those who took out a RICS Home Survey Level 2, RICS Home Survey Level 2 with Valuation and RICS Home Survey Level 3 and is applicable for property transactions in England, Wales, and Northern Ireland.
In terms of a survey split, the Index shows that 49% of buyers commissioned a RICS Home Survey Level 2 – down from 61% in Q1 2024. 44% took out a RICS Home Survey Level 2 with Valuation, a rise of 11% compared to 33% in Q1 and the number of homebuyers opting for a RICS Home Survey Level 3 rose from 6% in Q1 to 7% in Q2.
For those homebuyers electing for a RICS Home Survey Level 2 or a RICS Home Survey Level 2 with Valuation, the average property price for both survey types was £283,000 and the cost was up to £500 for an average priced property. For those homebuyers selecting a RICS Home Survey Level 3, the average property price was £407,000.
On a regional basis, the largest uptake in a RICS Home Survey Level 2 was evident in the North West at 17%, with the regions of the North West, South East and the West Midlands all reporting that 14% of purchases included a RICS Home Survey Level 2 with Valuation. The largest uptake for a RICS Home Survey Level 3 was also noted in the North West at 16%.
In contrast, the lowest uptake for a RICS Home Survey Level 2 was in the North (6%), with the fewest for a RICS Home Survey Level 2 with Valuation reported in East Anglia and Wales – both regions registered 7%. The lowest uptake for a RICS Home Survey Level 3 was in the North, coming in at 4%.
The RICS Home Survey Level 2 was previously known as the HomeBuyer Report and the RICS Home Survey Level 3 offers a more comprehensive structural overview which is ideal for old and more complex buildings, listed properties, houses with obvious defects, and unconventional homes.
Matthew Cumber, Managing Director at Countrywide Surveying Services, commented:
“It’s encouraging to see that a rising number of homeowners, albeit only marginally, have instructed a home condition survey with their recent property purchase. But, and this is a big but, it remains concerning that an overwhelming proportion of buyers are still taking unnecessary risks by not instructing a survey on what is one of the most important financial decisions they are ever likely to make.
“With only 10.6% of new purchases including some kind of survey, this demonstrates just how far we still have a way to go, as an industry, in educating a range of potential purchasers on the importance attached to better protecting any immediate and future financial risk. And who better than the intermediary community to communicate this message as early in the homebuying process as possible.”
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