A marked increase in home condition surveys reflects a growing trend among homebuyers.
- The third quarter of 2024 saw a 5.4% rise in the number of homebuyers opting for a survey.
- 16% of buyers in Q3 chose to commission a survey, a sharp rise from the previous quarter’s 10.6%.
- This trend is most pronounced in the North West, while Greater London shows lower engagement.
- Industry experts highlight the growing consumer focus on understanding property conditions.
In a notable shift, there has been a significant increase in the number of homebuyers opting for home condition surveys in the third quarter of 2024. This increase, amounting to 5.4%, highlights a growing trend of due diligence among purchasers who are keen to understand the condition of their prospective properties before finalising transactions.
Statistics from Countrywide Surveying Services’ Home Survey Trends Index reveal that 16% of homebuyers commissioned a survey in Q3 2024, up from 10.6% in the prior quarter. This figure is double that recorded in Q4 of the previous year, where only 8% of buyers sought such surveys, indicating a dramatic shift in consumer behaviour.
The data encompasses both Level 2 and Level 3 RICS Home Surveys and pertains to property transactions in England, Wales, and Northern Ireland. The average property value for which a Level 2 survey was conducted stood at £295,000, with buyers paying an average fee of £468. For Level 3 surveys, the corresponding figures were an average property price of £426,000 and a fee of £890.
Regional differences are apparent, with the North West recording the highest engagement at 18% for Level 2 and 16% for Level 3 surveys. In contrast, Greater London and the North registered the lowest uptake for Level 2 surveys at 6%, while Wales and the North saw only 5% opting for Level 3 surveys.
Matthew Cumber, managing director at Countrywide Surveying Services, remarked on the increasing consumer awareness regarding the necessity of understanding a property’s condition prior to purchase. He stated, “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.” This trend towards detailed assessments reflects a broader commitment to making informed investment decisions.
The increase in home condition surveys underscores a shift toward more informed property investment decisions.
