Countrywide Surveying Services (CSS), one of the leading suppliers of valuation panel management services, has released findings from its inaugural Home Survey Trends Index for Q1 2024 which found that fewer than 1 in 10 homebuyers instructed a home survey with their recent property purchase.

This worrying statistic of 9.7% includes 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 purchases completed over the course of Q1 2024 in England, Wales, and Northern Ireland. 

In terms of a survey split, the Index shows that 61% of buyers commissioned the RICS Home Survey Level 2, with a third (33%) taking out a RICS Home Survey Level 2 with Valuation and 6% opting for a RICS Home Survey Level 3.

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 with an average £403 fee and £439 respectively. For those homebuyers selecting a RICS Home Survey Level 3, the average property price was £407,000 with an average £854 fee for this survey type.

On a regional basis, the largest uptake in a RICS Home Survey Level 2 and RICS Home Survey Level 2 with Valuation was evident in the North West at 15.5% and 15.6% respectively. While the largest uptake for a RICS Home Survey Level 3 was in the South East at 14.7%.

In contrast, the lowest uptake for a RICS Home Survey Level 2 was in the North East (5.7%), with the fewest for a RICS Home Survey Level 2 with Valuation being reported in East Anglia and Wales – both regions registered 6.5%. The lowest uptake for a RICS Home Survey Level 3 was in the North at 3.3%.

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.

Source : Property Notify