Your Guide: Chartered Surveyors & Home Surveys
Our Senior Officer & Business Leader, People and Operations- Alison Crawford
Based on statistics published in July 2023, home ownership remained a significant aspect of the housing landscape in the UK, with 50% of UK adults owning their own home, representing approximately 26.4 million people across the country.
Among these homeowners, 28% owned their homes outright, reflecting a robust segment of the population who have completed their mortgage payments, while 22% currently held a mortgage. This data underlines the enduring appeal of homeownership and the diverse ways in which individuals achieve this milestone.
Furthermore, the condition and age of the property emerged as the most pivotal factor influencing potential homebuyers in the UK, with an emphasis on property quality and longevity.
However, recent data has also revealed a significant 53% increase in UK Google searches for the query “What is a House Survey”. This increase in online queries implies a rising level of uncertainty and confusion among individuals seeking to purchase property, especially first-time buyers.
The term "Chartered Surveyor" Explained
From experience, we recognise that people outside the industry are not familiar with the term “Chartered Surveyor” for several reasons.
One primary reason is that the role of a surveyor encompasses a broad range of professional services within the real estate and construction sectors, which may not always be visible to individuals outside these industries.
The term is associated with a variety of specialisms such as building surveying, quantity surveying, land surveying, and property valuation, among others, further contributing to its complexity for those not directly involved in these fields.
Moreover, the specific functions and expertise of surveyors are often intertwined with technical, legal, and regulatory aspects of real estate and construction, making their roles less visible to the general public.
The nature of their work, which involves property appraisals, building surveys, land assessments, may not be as widely understood or appreciated by individuals who are not directly engaged in property transactions or construction projects.
Additionally, the professional designation of “Chartered Surveyor” is governed by stringent educational and accreditation processes through the Royal Institution of Chartered Surveyors (RICS), and individuals outside the industry may not be fully aware of the qualifications and expertise required to attain this status.
As a result, there may be a lack of awareness and understanding about the rigorous training and professional standards that surveyors uphold in their respective fields.
What is a "Home Survey"?
The increasing confusion and lack of understanding surrounding home surveys in the UK have become apparent in light of the surge of online queries, indicating a growing demand for clarity on the importance of home surveys in the property buying process.
This has sparked concerns among professionals and shed light on the critical need for greater awareness and understanding among potential property buyers.
A pressing concern is that potential property buyers may not fully comprehend the significance of a home survey and its potential impact on their future investment. This lack of understanding is evident from the most commonly asked question on the topic on Google, which was revealed to be ‘how much does a house survey cost.’
This suggests not only confusion about the nature and purpose of home surveys but also a lack of clarity regarding the associated costs, indicating that potential buyers are seeking a better understanding of the financial aspects of this essential process.
Moreover, it has become increasingly common for buyers, particularly first-time buyers, to mistakenly believe that the valuation completed by their mortgage lender provides all the necessary information about a property.
However, studies by the Royal Institution of Chartered Surveyors (RICS) have underscored the potential risks of neglecting a comprehensive survey, revealing that buyers who opt out of a survey when purchasing a property face an average of £5,750 worth of repairs and works upon moving in, due to previously unknown issues.
The essential role of a home survey, conducted by a qualified surveyor, involves identifying potential issues that could cause problems during or after the purchase of a property.
This includes evaluating structural concerns, building regulations and planning, energy efficiency, damp, condensation, and other critical aspects that could significantly impact the value and condition of the property.
Amidst this increasing confusion and lack of understanding, it is imperative to emphasise the importance of educating potential property buyers about the role of home surveys and the potential consequences of overlooking this vital step.
These questions regarding home surveys and chartered surveyors accentuate the urgent need for industry professionals, policymakers, and educational institutions to proactively address this knowledge gap and ensure that potential property buyers are equipped with the necessary understanding and resources to make informed decisions.
