New RICS Home Survey Standard
As of September 2021, The Royal Institution of Chartered Surveyors (RICS) introduced a new Home Survey Standard. This is to promote transparency and consistency throughout the buying and selling process.
Buyers will be able to choose which level of survey they need depending on the property type and requirements. The survey levels and new names are Home Survey Level 1, Home Survey Level 2 and Home Survey Level 3.
The new survey standards will improve communication between buyers and surveyors. It'll also allow buyers to easily identify which survey they need.
In this guide, we take a detailed look at why the new Home Survey Standard is important, when it comes into effect and what exactly has changed.
When Will Home Survey Standards be Implemented?
RICS Home Survey Standard came into effect in March 2021. The transition period took place up to 31 August 2021.
As of 1st September 2021, only the new home survey reports are accepted.
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Why are the New Home Survey Standards being Introduced?
The new Home Survey Standard benefits both surveyors and movers. It highlights findings from the survey in a clear and concise way. The aim is to be transparent to buyers and help them understand the different types of survey available.
Some benefits of Home Survey Standard include:
- Help buyers identify which survey they need
- Clear and easy to read report structure
- Use of the traffic light condition rating system
- New names of the survey to be consistent
- Use of simplified language
- Use of a single set of standards
What Has Changed?
RICS has introduced new software and supporting materials to help consistency between surveyors. Below are the well-known survey types along with what they are now known as.
| Current Survey Title | New Home Standard Survey Title |
|---|---|
Condition Report | Home Survey Level 1 |
HomeBuyer Report | Home Survey Level 2 |
Building Survey | Home Survey Level 3 |
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Home Survey Level 1
The Condition Report is now called the Home Survey Level 1. It's a surface-level inspection of a property that highlights defects and damage. It’s the least in-depth survey and also the cheapest. It’s most suited to newer properties that were typically built less than 5 years ago.
Home Survey Level 2
The HomeBuyer Report is now known as the Home Survey Level 2. The Home Survey Level 2 is the most common survey type available. It's suited for properties that were built less than 50 years ago that remain in a good condition.
Home Survey Level 3
The Building Survey is now the Home Survey Level 3. It's the most comprehensive survey available and will take a detailed look at the property’s structure and condition.
This survey is ideal for older properties that were built using unique or uncommon materials. it's also suited for properties that have had or plan to have renovation work done.
Learn More About Surveying
This has been part of our guide to surveying. Next, we take a look at how to find the right surveyor for you and what to look out for. To learn more read how do I find a surveyor.
