If you’re spending a lot of money, you want as much guidance and information as possible before making a decision. Therefore, you’d think homebuyers would seek out as much assistance as possible before buying a home. However, a recent study indicates less than 10% of property buyers arrange a survey of their would-be home.
Countrywide Surveying Services has unveiled eye-opening statistics that could significantly impact your home-buying decisions.
The analysis revealed that a mere 9.7% of homebuyers commissioned a comprehensive home survey during their recent property purchase in England, Wales, and Northern Ireland. This figure encompasses those who opted for a RICS Home Survey Level 2, RICS Home Survey Level 2 with Valuation, or the more in-depth RICS Home Survey Level 3.
Breaking it down further, 61% of those who did commission a survey chose the RICS Home Survey Level 2, while 33% selected the RICS Home Survey Level 2 with Valuation, and only 6% opted for the comprehensive RICS Home Survey Level 3. The average property price for the first two survey types was £283,000, with fees averaging £403 and £439, respectively. For the RICS Home Survey Level 3, the average property price was £407,000, with an average fee of £854.
It's important to note that the RICS Home Survey Level 3, formerly known as the Building Survey, offers a comprehensive structural overview, making it ideal for older, more complex, listed, or unconventional properties, as well as those with obvious defects.
Matthew Cumber is the Managing Director at Countrywide Surveying Services, and he spoke on this matter, saying: “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. 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. 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 which needs to be completed on the property which was not identified before contracts are signed.”
Given the cost of buying property, you can see why many buyers are keen to save money as and where they can. However, information in a survey can save them money, or save them from a great deal of heartache. As buying a home is such a crucial decision, with massive implications, there’s a lot to be said for having as much information as possible when deciding what to do next.
It also makes sense to get as much help from local experts. At David Harris & Co, we are pleased to say we know Finchley and surrounding areas inside out. Whatever move you wish to make, you’ll find we are local experts who give you confidence to move forward.
We have assisted many Finchley homeowners looking to sell their property, and we know what buyers are looking for in their new home. You can take the stress out of connecting with likely buyers by turning to a local estate agent in Finchley.
If you want to make an informed decision in and around Finchley’s property market, we are here for you. If you have any questions about the local housing market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
