Ignorance around homebuying surveys up 53% and could cost you thousands, warns RICS Young Surveyor of The Year

Research by Fourth Wall Building Consultancy has found a 53% increase in UK Google searches for the query ‘What is a house survey’ in the last month. Searches spiked for this phrase between March 16-22, the days following the Budget. The most commonly asked question on the topic on Google was ‘how much does a house survey cost’ suggesting confusion around home surveys extends to pricing as well as its value in the homebuying process.

Joshua Weston, Director at Fourth Wall Building Consultancy and recent winner of The UK RICS Young Building Surveyor of the Year 2022 commented: “It is likely that the return of first-time buyers to the market since March’s budget accounts for a large proportion of these Google searches, but ignorance and misconceptions about the role of a survey are on the rise. It’s so important for buyers to understand surveys and ask the right questions early on, in order to avoid costs later down the line.

“Recent studies by the Royal Institution of Chartered Surveyors (RICS) showed that buyers who opt not to have a survey done when purchasing a property are faced with an average of £5,750 worth of repairs and works when they move in, due to issues they were not aware of. Many buyers, particularly young or first-time buyers, believe the valuation completed by their mortgage lender gives them all the information they need on a property, but this simply isn’t true. A survey must be completed by a qualified surveyor and is undertaken in order to identify potential issues that could cause problems during or after the purchase.

“At Fourth Wall, we also ensure you get visibility on budget costs as standard: we provide detailed advice on condensation, damp, building regulations and planning, EPC and energy efficiency, and any structural issues which may affect the property – all things you would want to know before purchasing a home.”

Fourth Wall are award-winning Chartered Building Surveyors working with commercial, residential and heritage clients across the UK. Aligning all the benefits of a traditional surveying practice with the pace, flexibility and market-leading knowledge of a dynamic consultancy, Fourth Wall ensures all their clients move forward with confidence.