A growing proportion of homebuyers are choosing to spend more than £450 on a home condition survey rather than rely on a lender’s basic survey for mortgage purposes only.
Analysis by Countrywide Surveying Services of its survey take-up found that 16% of buyers chose a home condition report in Q3 compared to 1.6% in Q2. The latest quarter’s take-up is 8% percentage points higher than Q4 2023, when 8% of buyers opted for a more comprehensive valuation.
These figures are inclusive of buyers who took out a RICS Home Survey Level 2, which provides buyers with advice to help them decide whether to proceed (formerly known as the HomeBuyer Report), and the RICS Home Survey Level 3 report, which gives a comprehensive structural overview.
For those homebuyers choosing a RICS Home Survey Level 2, the average value of a property in Q3 was £295,000, with an average fee of £468.
For homebuyers selecting a RICS Home Survey Level 3, the average property price was £426,000, with an average fee of £890.
On a regional basis, the largest uptake in the level two and three surveys was found in the North West, at 18% and 16% respectively.
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The lowest uptake for a level two survey was in the North and Greater London, with both regions registering 6%. Meanwhile, the lowest uptake for a level three report was in the North and Wales, coming in at 5%.
Matthew Cumber (pictured), managing director at Countrywide Surveying Services, said: “The notable rise in homebuyers opting for a home condition survey highlights a growing awareness around the need to fully understand a property’s condition before purchase.
“With the figures doubling compared to Q4 last year, it’s evident that consumers are gradually but decisively placing greater emphasis on informed decision-making and expert advice to safeguard their investments. Especially in regions like the North West, which shows the highest levels of engagement.”
However, Cumber said there remained “plenty of room for improvement” and Countrywide Surveying Services would continue to drive up awareness of the merits of home condition reports.
