"While we've seen a slight decline in the overall uptake for Q4 2024, the year-on-year increase demonstrates growing awareness of the importance of these types of surveys"
- Matthew Cumber, managing director at Countrywide Surveying Services
Countrywide Surveying Services has seen a slight decline in the number of homebuyers commissioning a home condition survey as part of their property purchase.
Its research shows that 15% of homebuyers instructed a home condition survey in Q4 2024, down from 16% in Q3 2024, representing a marginal 1% decrease. This follows a notable 5.4% rise recorded in Q3 compared to Q2.
Year-on-year, the latest data represents a 7% increase from Q4 2023, when only 8% of buyers opted for a home condition survey. This figure 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 Q4 was £300,000, up from £295,000 in Q3, with an average fee of £480, up from £468 in Q3.
For homebuyers selecting a RICS Home Survey Level 3, the average value of a property in Q4 was £400,000, down from £426,000 in Q3, with an average fee of £890, which remained the same as in Q3.
On a regional basis, the largest uptake in a RICS Home Survey Level 2 was evident in the North West at 20%, with the South East and the West Midlands registering the largest uptake (14%) for a RICS Home Survey Level 3 report. In contrast, the lowest uptake for a RICS Home Survey Level 2 and a RICS Home Survey Level 3 was in the North 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: “Our latest Home Survey Trends Index highlights the evolving preferences of homebuyers when it comes to home condition surveys. While we've seen a slight decline in the overall uptake for Q4 2024, the year-on-year increase demonstrates growing awareness of the importance of these types of surveys in making more informed homebuying decisions.
“The regional variances also underline the diverse dynamics on show with the current housing market, with notable demand in areas like the North West and the South East. As ever, we remain committed to supporting all types of buyers across the UK with trusted, high-quality survey options to suit their individual property-related requirements."
