Bridging the knowledge gap between property value and condition – Cumber

By that, I’m referring to the difference between a mortgage valuation and a home condition survey.

For advisers, this is obviously a given, but for the vast majority of homebuyers, it isn’t, and this lack of understanding continues to create uncertainty and risk in what is an already daunting and highly emotive process.

New research from Lloyds Bank shows just how wide this knowledge gap remains. In a survey of 2,000 people planning to buy their first home, only 13% said they fully understand the home buying process, while 42% admitted they know only some of what’s involved. The legal process was the biggest area of concern (29%), followed by obtaining a mortgage (22%) and finding the right property (12%). Worryingly, only 4% felt confident about every stage.

These figures underline the importance of professional guidance throughout the home buying process. While nearly two-thirds (65%) of first-time buyers plan to seek advice from a lender or broker, almost one in five (19%) said they don’t intend to seek any advice at all, despite the scale of their financial commitment.

Encouragingly, our own data has shown consistent growth in the uptake of home condition surveys, demonstrating that more buyers are recognising the importance of understanding a property’s condition and gathering key information early in the home buying process. However, uptake still represents too small a proportion of total transactions, leaving far too many buyers exposed to a number of unforeseen, and often unnecessary, financial risks.

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Getting clients to see the value of a home

For advisers, this knowledge gap presents a clear opportunity to add value, not just by securing the right mortgage, but by helping clients understand every link in the home buying chain, including the distinction between a lender’s valuation and a buyer’s survey.

Under Consumer Duty, advisers are expected to go beyond recommending suitable products; they must ensure customers genuinely understand their options and the implications of their choices.

Accurately advising on the benefits attached to commissioning a home condition survey certainly represents a simple and practical way to demonstrate that principle in action. Such guidance can help prevent potential risk, further financial exposure, as well as supporting better long-term outcomes, and a tangible commitment to client understanding.

Technology may be transforming elements of the valuation process, but understanding remains human-led. Advisers are still the vital link between process and perspective, as they are best positioned to translate complex details into clear, actionable direction. When surveys are presented as best practice rather than an optional reassurance, engagement improves, and clients gain greater confidence in their property-related decisions.

What’s critical in this equation is to highlight the simple fact that while a valuation safeguards the lender’s position, a home condition survey safeguards the buyer’s future. The distinction might sound simple, but helping clients recognise it is where advisers deliver real, measurable value. And with so few first-time buyers fully understanding the process, that role has never been more important.