Q3 2024 has seen a notable 5.4% rise in the number of homebuyers commissioning home condition surveys, reflecting a growing trend among homebuyers.
- The Home Survey Trends Index reveals that 16% of homebuyers opted for a survey in Q3, doubling the figures from Q4 2023.
- Significant regional differences were observed, with the highest survey uptakes in the North West.
- The average fee for RICS Level 2 and Level 3 surveys varied significantly, correlating with the average property price movements.
- Countrywide Surveying Services highlights a growing consumer emphasis on informed property investment decisions.
In the third quarter of 2024, there was a remarkable 5.4% increase in the number of homebuyers opting for home condition surveys, as reported by Countrywide Surveying Services (CSS). This surge highlights a rising trend towards thorough property assessments before purchase.
According to the Home Survey Trends Index, 16% of homebuyers chose to undertake a survey, compared to just 10.6% in the previous quarter. This figure represented a doubling from the last quarter of 2023, where only 8% of homebuyers initiated a survey. Such increases underscore consumer awareness and the importance placed on comprehending a property’s state.
There were considerable regional variations in the uptake of RICS Home Survey Level 2 and Level 3. The North West recorded the highest engagement at 18% and 16% respectively. Conversely, the North and Greater London registered the lowest interest at 6% for Level 2 surveys, with the North and Wales seeing only 5% in Level 3 surveys.
For those opting for a RICS Level 2 survey, the average home value in Q3 stood at £295,000, with a typical survey fee of £468. Meanwhile, for a RICS Level 3 survey, the average property cost was £426,000, incurring a fee of £890. These figures reflect the economic considerations and willingness of buyers to invest in comprehensive property evaluations.
Matthew Cumber, managing director of CSS, remarked on the importance of these trends, noting the increased diligence among consumers. ‘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,’ he stated. He pointed out the doubling of figures from the previous year and the highest engagement seen in the North West, as evidence of informed decision-making in property investment.
The upward trend in survey uptake signifies a positive shift towards better-informed property purchases.
