There was a 5.4% uplift in the number of homebuyers instructing a home condition survey with their property purchase in the third quarter of the year, new figures show.
In the latest iteration of its Home Survey Trends Index for Q3 2024, Countrywide Surveying Services (CSS) has noted that 16% of homebuyers were found to have instructed a home condition survey with their property purchase in Q3 2024, compared to 10.6% in Q2 2024.
This 16% figure also signifies a doubling of Q4 2023 findings which suggested that a mere 8% of homebuyers instructed a home condition survey over the course of that particular quarter. This is inclusive of those who took out a RICS Home Survey Level 2 and RICS Home Survey Level 3 and is applicable for property transactions in England, Wales, and Northern Ireland.
For those homebuyers electing for a RICS Home Survey Level 2, the average value of a property in Q3 was £295,000, with an average fee of £468. For those 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 a RICS Home Survey Level 2 and a RICS Home Survey Level 3 was evident in the North West at 18% and 16%, respectively.
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%.
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: “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.
“This trend toward greater diligence signals a positive step toward a more transparent and robust property market. However, there remains plenty of room for improvement and we, as a business, will continue to champion the merits of this vital component within the homebuying journey.”