So far, this year is shaping up to be a strong one for first-time buyers, meaning a whole new generation of homeowners are entering the market.
First-timers made up a record 33% of all buyers in the first half of 2025, according to research from Hamptons. While some of this would have been driven by the stamp duty deadline – only 16% of those who agreed on a sale in Q1 completed before the April cut-off point, its figures show – it does suggest that this momentum could continue through the rest of the year.
Within our own business, we also saw healthy demand for home surveys during the first quarter – particularly from buyers purchasing properties between £200,000 and £250,000, likely those aiming to beat the deadline. There was also strong uptake in the £150,000-£200,000 and £250,000-£300,000 purchase brackets.
As surveyors, we always encourage buyers to carry out a home survey, yet for some, this isn’t always a priority. If they have already stretched themselves financially in order to buy the house, an additional few hundred pounds on a survey might seem like too big of a stretch.
While there may be less need for a survey when buying a new-build, a professional inspection of the property is arguably just as important as any other part of the process when it comes to non-new builds. It might mean spending an additional few hundred pounds but it could ultimately save buyers from costly repairs further down the line.
Recent research highlighted a significant gap in first-time buyers’ understanding around the mortgage process. It found 84% were unaware of how to secure the best mortgage interest rates, 93% didn’t know the deposit required for favourable interest rates and 82% were unclear on how late payments impacted their credit file, according to research from Boon Brokers.
It wouldn’t be a huge leap to assume this same knowledge gap extends to home surveys, with many likely unaware not only of the importance of having a survey when it comes to protecting their investment, but also of the difference between a survey and a valuation.
Where the confusion can lie
When going through the home buying process, there are three distinct types of property assessments – the estate agent’s market appraisal, the lender’s mortgage valuation, and a professional Home Survey. If we look at the first one – an estate agent’s market appraisal is simply their professional opinion on what a property might sell for in the current market. This isn’t a formal valuation – it’s a marketing assessment designed to help sellers set an asking price.
Terms like ‘offers around’ or ‘guide price’ typically stem from these appraisals. Since agents are competing for the seller’s business, there may also be a tendency to be optimistic about the property’s value, in order to gain the customer as a client.
A mortgage valuation, meanwhile, is a formal assessment conducted by a RICS-registered valuer on behalf of the lender. Despite common misconceptions, this isn’t primarily for the buyer’s benefit – it’s for the lender to assess their lending risk.
The valuer compares the property with similar recent sales to determine current market value and takes an evidence-based approach. Unlike an appraisal, this valuation is legally binding.
What some first-timers – and other buyers – miss, is that neither of these assessments offers a detailed insight into the condition of the property. Only a Home Survey reveals potential issues that could affect both the property’s value and future maintenance costs – information that could also be useful when negotiating with the seller.
A Level 2 Home Survey for example, gives a clear, RICS-compliant assessment of a property’s condition with an easy-to-understand traffic light rating of the condition of the property – what used to be called the HomeBuyer Report. This traffic light system rates the condition of different parts of the building, services, garage, and outbuildings, showing problems that require varying degrees of attention.
With more first-timers expected in the market this year, mortgage brokers are well-positioned to highlight the importance of a property survey to borrowers. Beyond providing peace of mind, a professional survey could also potentially strengthen buyers’ negotiating position and even help secure a better purchase price.
Simon Jackson is managing director of SDL Surveying
