The average house price for those selecting a RICS home survey level two and three increases by over two-thirds (69%), Countrywide Surveying Services (CSS) has found.

In analysis of its inaugural home survey trends index, CSS revealed that for those homebuyers selecting a RICS home survey level two, with or without valuation, the average property price was £283,000.

The average fee was £403, increasing to £439 for the valuation product.

However, the average property price increased to £407,000 for homebuyers selecting a RICS home survey level three, with an average £854 fee for this survey type.

The RICS home survey level two was previously known as the homebuyer report and the RICS home survey level three offers a more comprehensive structural overview which is ideal for old and more complex buildings, listed properties, houses with obvious defects, and unconventional homes.

It comes as less than one in 10 (9.7%) of homebuyers instructed a home survey with their recent property purchase in the first quarter of 2024.

On a regional basis, the largest uptake for the home survey and valuation services were in the North West, with 15.5% and 15.6% of homebuyers in the region taking up the products respectively.

For the level three product, the South East saw the largest uptake at 14.7%.

Managing director at CSS, Matthew Cumber, said: "The fact that fewer than one in 10 property purchases had a level two 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.

"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."

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