There is a substantial monetary and emotional investment involved in purchasing any new home. So, it makes perfect sense for buyers to fully understand the condition of this property before making what is likely the biggest financial commitment of their lives. Right?
Yet, a surprising number of homebuyers continue to skip one key step in this process, getting a professional home condition survey.
Encouragingly, data from the Countrywide Surveying Services (CSS) Home Survey Trends Index for June to September (Q3) 2024 highlights a 5.4% rise in the number of homebuyers opting for a home condition survey. In this time frame 16% of buyers took this step compared to just 10.6% in the previous three months.
In addition, the number of buyers commissioning a home condition survey has doubled from just 8% in Q4 2023, signalling that more buyers are realising the true value of this step.
The risks of skipping the survey
This rise signals a modest yet significant change in buyer behaviour. However, with 84% still not taking advantage of the expertise of fully trained professional surveyors, it’s evident that most buyers continue to expose themselves to unnecessary risks and potentially unexpected costs.
After all, a home might look perfect at first glance, but hidden problems like damp, subsidence, or roofing issues can lead to expensive repairs. A professional survey provides peace of mind by identifying these potential issues before you finalise the purchase, allowing you to make far more informed decisions about your investment.
Why do people avoid surveys?
One common reason buyers avoid surveys is the cost. According to the Q3 2024 data, the average cost for different surveys is as follows:
- RICS Home Survey Level 2: £468
- RICS Home Survey Level 3: £890
While these fees may seem like an extra burden in the homebuying process, they’re a fraction of what you might spend on fixing unforeseen issues later.
For example, the average property price for buyers opting for a Level 3 survey in Q3 was £426,000. Imagine finding out that your home needs tens of thousands of pounds in repairs after committing to such a purchase, especially if you had stretched yourself from a borrowing capacity to land this dream home.
Commissioning a survey can help you avoid this kind of potential financial headache.
Location, location – where are surveys most valued?
From a regional standpoint, the uptake of surveys varies by region. In Q3 2024, the North West saw the highest engagement, with 18% of buyers opting for a RICS Home Survey Level 2 and 16% choosing a Level 3 Home Survey.
In contrast, the lowest uptake for a RICS Home Survey Level 2 was in the North and Greater London, with both registering 6%. The lowest uptake for a RICS Home Survey Level 3 was in the North and Wales, coming in at 5%.
In summary, buying a home is not just an emotional milestone; it’s a long-term financial commitment. While it might be tempting to cut costs wherever possible, skipping a survey can lead to much greater expenses down the road.
A home survey isn’t just about finding faults, it’s about protecting yourself from unexpected repair bills and ensuring your home is a solid investment.
Helen Stead is head of Countrywide Home Surveys
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