Less than 10% of homebuyers instructed a home survey with their recent property purchase, said Countrywide Surveying Services.
The supplier of valuation panel management services has released findings from its inaugural Home Survey Trends Index for Q1 2024, which found that only 9.7% of buyers had a survey beyond the most basic level.
Of those who took out a RICS Home Survey Level 2 or higher, 61% of buyers commissioned the RICS Home Survey Level 2, a third (33%) took out a RICS Home Survey Level 2 with Valuation and 6% went for a RICS Home Survey Level 3.
The RICS Home Survey Level 2 was previously known as a HomeBuyer Report, and the RICS Home Survey Level 3 (or full structural survey) offers a more comprehensive overview, which is ideal for old and more complex buildings.
Cost of surveys
For those homebuyers who took 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 homebuyers selecting a RICS Home Survey Level 3, the average property price was £407,000 with an average £854 fee for this survey type.
The largest uptake in these more thorough surveys was in the North West, at 15.5% and 15.6% respectively.
In contrast, the lowest uptake for a RICS Home Survey Level 2 was in the North East (5.7%).
Matthew Cumber, managing director at Countrywide Surveying Services, said: “The fact that fewer than one in 10 property purchases had a Level 2 Survey or above in Q1 2024 presents a highly alarming statistic. It is a figure [that] leaves a huge number of buyers open to immediate or future risks, unforeseen costs, disruption and upset on what remains one of the most complex and emotive financial journeys they are ever likely to embark upon.
“Due to a sustained lack of awareness, a survey can often be viewed as an additional cost rather than an integral one. The thing homebuyers need to bear in mind is that opting for the right survey could actually save them time, money, and heartache.
“The cost can often be a fraction of the potential expense from work [that] needs to be completed on the property [that] was not identified before contracts are signed.”
Related: Surveyors report a rise in buyer and seller numbers
