RICS launches colour-coded housing survey to help home buyers

A new housing survey was launched today which aims to make it easier for potential buyers to understand the condition of properties they want to purchase.

The Royal Institution of Chartered Surveyors' HomeBuyer Report will colour-code properties according to their state of repair, with a green rating indicating no repairs are necessary, while a red one will flag up serious defects that need urgent attention.

The report aims to be concise and user-friendly, with simple easy-to-follow information.

As well as reporting on a property's condition, it will also include a valuation, set out what repairs are needed and give details of any further advice a consumer should seek before exchanging contracts.

It will replace the current Home Buyer Survey and Valuation previously offered to buyers by RICS members, which is being phased out at the end of the year.

Barry Hall, chairman of RICS survey and valuation group, said: "Buying a house can be extremely stressful and confusing, and many consumers are still puzzled by what reports they need before purchasing their new home.

"A valuation is not a survey as it does not provide the information a buyer needs on the condition of the property.

"RICS is determined to simplify this process for consumers and feels that this new report is an important step in ensuring that they are better informed about the property they are purchasing."

The cost of the survey will be set by individual surveyors and is likely to vary according to the value of the property being bought.