RICS Level 2 Home Survey
Suitable for conventional properties in reasonable condition.
RICS valuation
RICS Residential Valuations
An independent, evidence-based opinion of value prepared by a RICS Registered Valuer for a stated purpose and valuation date — for purchase, sale, probate, matrimonial matters, shared ownership and other professional purposes.
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Experienced Chartered Surveyors
RICS Registered Valuers
Independent, regulated valuation advice
Residential Valuation is usually suitable for
- Buyers and sellers who want independent market advice
- Executors and solicitors dealing with probate
- Separating couples and matrimonial matters
- Shared ownership staircasing and Help to Buy redemption
- Anyone who needs a formal, professionally reasoned opinion of value
Consider another service if
- Buyers who need advice on the condition of the property
- Properties where defects or disrepair are the main concern
- Situations requiring detailed structural investigation
WHEN DO YOU NEED A VALUATION?
Different purposes need different valuations.
The purpose of the valuation determines the correct basis, the scope of the inspection and the form of the report. Tell us why you need it and we will confirm whether we can act and on what basis.
Property purchase
Independent advice on value before you commit to a price, separate from any lender valuation.
Private sale
An objective opinion of value where a property is being sold privately or between known parties.
Matrimonial and separation
A valuation prepared for the purposes of a separation, where an independent figure is required.
Probate
Valuation of a property forming part of an estate, prepared as at the relevant date.
Taxation purposes
Valuation advice where a figure is required in connection with a tax matter.
Shared ownership and Help to Buy
Staircasing, resale and redemption valuations, subject to the scheme requirements applicable at the time.
Not every valuation purpose can be undertaken in every case. Please tell us the purpose when you enquire so we can confirm the instruction before proceeding.
HOW WE ASSESS VALUE
Value is assessed from evidence, not from an algorithm.
A valuation brings together what the valuer sees at the property, what the local market is doing and what comparable properties have actually sold for. Professional judgement then reconciles that evidence into a reasoned opinion of value.
Property & Accommodation
Type, age, layout, accommodation and floor area
Location
Street, position, aspect, amenities and local demand
Condition
Overall condition, so far as it may affect value
Comparable Evidence
Sales of similar properties in the surrounding area
Market Evidence
Local market activity, supply and current conditions
Property Characteristics
Tenure, alterations, outbuildings and anything that sets the property apart
Your valuation report includes
- A clearly stated basis and purpose
- The valuation date
- A description of the property inspected
- The comparable evidence relied upon
- The valuer's reasoned opinion of value
- Prepared by a RICS Registered Valuer
AN IMPORTANT DISTINCTION
A valuation and a building survey are different.
A valuation is primarily concerned with the property's market value. It considers condition only so far as condition affects that value.
A RICS Level 2 or Level 3 survey is primarily concerned with the condition of the property: what is wrong with it, how serious it is and what should be done about it.
Depending on your circumstances you may need both. Buyers frequently commission a survey for condition advice and a separate valuation where an independent figure is required.
COMPARABLE EVIDENCE
Evidence first, opinion second.
Comparable sales evidence sits at the heart of residential valuation. The valuer identifies properties that are genuinely comparable in type, size, location and condition, then adjusts for the differences between those properties and yours.
Where the market is thin, or where the property is unusual, the valuer explains the evidence available and the judgement applied to it. That reasoning is what separates a professional valuation from an online estimate.
Genuinely comparable properties
Recent transactions of similar properties in the same or a closely comparable location, rather than asking prices alone.
Adjusted for the differences
Accommodation, plot, condition, aspect, tenure and alterations are all reflected in the analysis.
Reported transparently
The report sets out the evidence relied upon so the reasoning behind the figure can be followed and relied upon.
MORE THAN A NUMBER
An opinion you can rely on and explain.
An independent professional valuation is not simply a figure. It is a reasoned opinion of value, prepared for an agreed purpose, as at a stated valuation date, by a valuer who has inspected the property and analysed the evidence.
Our residential valuations are prepared by RICS Registered Valuers working to RICS professional standards. That means the basis of valuation is stated, the assumptions are declared and the evidence relied upon is set out in the report.
Where a figure may be challenged — by a co-owner, a scheme provider, a solicitor or another professional — that transparency matters. It allows the valuation to be understood, discussed and, where necessary, defended.
What a valuation is not
A valuation answers a question about value. It is not a substitute for condition advice, and we will always say so where a survey would serve you better.
Where you need advice on the condition of the property as well as its value, we will recommend the appropriate level of survey alongside the valuation.
- A RICS Level 2 or Level 3 survey
- A detailed investigation of defects
- A structural survey or engineering assessment
- A test of the electrical, gas, heating or plumbing installations
- A drainage or asbestos investigation
- A guarantee of the price a property will eventually achieve
How it works
Your valuation in four simple steps
A reasoned, RICS compliant opinion of value prepared for a stated purpose and reliant party.
1
Tell us the purpose
Explain why the valuation is needed and who may rely upon it.
2
We confirm the instruction
Scope, basis of value, valuation date, assumptions and required documents are agreed.
3
The valuer inspects and researches
The property is inspected and relevant comparable market evidence analysed.
4
You receive the valuation report
A reasoned opinion of value is issued for the agreed purpose.
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Residential Valuation questions
Other services
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RICS Level 3 Building Survey
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Pre-Auction Property Inspections
Fast, focused condition advice before you bid.
Coverage
Residential Valuation across the UK
Choose your region to see local property notes and the valuers covering your area.
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