The Royal Institution of Chartered Surveyors (RICS) is keen to introduce a new Home Standard Survey.
The aim is to provide consumers with a better quality product by creating a benchmark for survey reporting that delivers a higher quality and consistency than the current choices.
The RICS intends to gather information from consumers, stakeholders across the industry and surveyors to prepare effective new standards.
One in five buyers invest in a survey
In spite of the fact that buying a property is probably the most expensive purchase any of us will make, currently only around one in five buyers invest in an independent survey report on the property they want to buy.
Buyer confusion over choice of survey products
Many buyers are confused about the various types of surveys on offer; some are deterred by negative publicity, some by the caveats included in surveys by surveyors and others being confused about a valuation being the same as a building ‘survey’.
One stop survey
The RICS is understood to be reassessing the three main types of survey reports available and replacing them with one option. At present there are three report options: the Condition report, the Homebuyer Report and the Full Structural Survey. In addition, other businesses and surveying companies offer their own variations, such as a new product called ‘Homescore’ which grades building elements from one to 10.
The RICS review will seek to gather support from industry stakeholders to justify implementing changes to the existing formats and will need to bring benefits to the homebuyer.
Educating the public and the industry
The professional body recognises the importance of educating the public and other organisations involved in the homebuying and selling process about the survey practice and how this limits surveyors.
The RICS will be inviting parties from residential training organisations and accredited surveying schemes to take part in the consultation process.