Big firm ‘alarmed’ over dwindling use of paid-for home surveys
Matthew Cumber of Countrywide Surveying Services says fewer than 10% of buyers pay for a Level 2 or 3 report.
One of the UK’s largest surveying firms has published ‘alarming’ research that shows over 90% of home buyers did not pay for a home survey during the first three months of this year.
Countrywide Surveying Services’ inaugural Home Survey Trends Index reveals that of those who did pay for a survey, two thirds opted for a RICS Home Survey Level 2, a third for a Level 2 with Valuation and the remainder opting for the most comprehensive, a Level 3.
The percentage of buyers who opt to pay between £450 and £850 for a more comprehensive survey than the mortgage valuations completed by their lender has dropped dramatically, the CSS figures suggest.
In the past many surveying firms have reported that approximately 20% of buyers pay for an additional survey but the new data would suggest this has halved as cost of living pressures have born down on many buyers.
Regional figures for survey uptake is varied, ranging from nearly 16% in the North West to just 3.3% in the North while demand for the most expensive surveys was highest in the South East.
One in ten
“The fact that fewer than one in ten property purchases had a Level 2 Survey or above in Q1 2024 presents a highly alarming statistic,” says Matthew Cumber, MD of Countrywide Surveying Services (main image).
It is a figure which leaves a huge number of buyers open to immediate or future risks.”
“It is a figure which 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.
“As an industry, we have a duty of care to outline the value attached to the quality of information held within a relevant survey and in the delivery of good customer outcomes while adhering to Consumer Duty guidelines. This is an ongoing challenge and we, as a business, will remain at the forefront of.”
My experience over 50 years of house sales is the more expensive survey & valuation reports still only point out the symptoms of ‘potential’ defects and rarely give definitive answers. They usually just recommend the buyer consults (and pays for) real experts like a qualified structural engineer or damp & woodworm specialist etc etc. As for valuations, in the old days they would have to phone up Agents with sold boards in the area for comparisons. Now they can use Rightmove Plus but the expertise needed is still negligible. Hardly worth spending out hundreds of pounds for.
My thoughts too. Many buyers feel a RICS level 2 survey doesn’t provide value. RICS should take note a come up with a better product.
Totally get that, however as any estate agent of standing will say buyers will, in a lot of cases attempt to re negotiate the purchase price, thus jeopardising the sale, many buyers will also pay for more in-depth survey/valuation Specifically to push for a reduction. That’s not to say an estate agent will not give an honest answer if questioned by a buyer it’s just something an agent would not promote