It can do, but it doesn’t always—it depends on which version you instruct.
RICS recognises two Level 2 formats:
- RICS Home Survey – Level 2 (survey only) – condition report without a valuation.
- RICS Home Survey – Level 2 (survey and valuation) – the same condition report plus the surveyor’s valuation.
RICS’ consumer guidance is clear that Level 2 can be “survey only” or “survey and a valuation.”
What you get if you choose “Level 2 (survey and valuation)”
With the survey and valuation option, the valuation forms part of the same report. RICS’ description of the service confirms it includes a valuation alongside the inspection and report.
The valuation normally includes:
- Market value (the surveyor’s professional opinion of what it’s worth in the current market), and
- an insurance reinstatement figure (the estimated rebuild cost for insurance purposes).
These two numbers are often confused, but they are very different:
- Market value = what someone might pay for it.
- Reinstatement cost = what it could cost to rebuild if it was destroyed (used for buildings insurance).
When a “survey only” Level 2 might be enough
You might choose Level 2 (survey only) if:
- your main priority is condition and defect risk, not price reassurance
- your lender is already arranging their own mortgage valuation (remember: that’s primarily for the lender, not a full condition survey)
- you already feel confident on value from local comparables but still want an independent condition overview
RICS’ Level 2 (survey only) description confirms this version includes the inspection + report, with valuation treated as an extra service rather than part of the standard package.
When it’s worth adding the valuation
Adding the valuation to your Level 2 is often sensible if you want:
Stronger negotiating position
If the survey highlights defects and the valuation reflects those issues, it can help keep negotiations evidence-led rather than opinion-led.
Price reassurance (especially in uncertain markets)
Where comparable evidence is mixed—or you’re paying a premium for presentation—a professional opinion can be useful.
An insurance reinstatement figure
Many buyers want a credible reinstatement figure to set up buildings insurance correctly (particularly relevant for houses; for flats it may sit with the freeholder/block policy, but it’s still useful context).
A key practical point: make sure your quote is like-for-like
Because “Level 2” is sold in both formats, always ask:
- “Is this Level 2 survey only or Level 2 survey and valuation?”
- “Does it include market value and an insurance reinstatement figure?”
This avoids the common situation where two quotes look similar, but one includes valuation and the other doesn’t.
Who can provide the valuation?
If a valuation is included, the surveyor is providing a valuation service, which is governed by professional valuation standards. RICS’ Valuer Registration scheme is RICS’ quality assurance and risk monitoring programme for members carrying out valuations.
(Practically: if you’re paying for a “survey and valuation” service, it’s reasonable to ask whether the valuer is appropriately qualified/registered for valuation work.)
Want a Level 2 Survey quote that’s clear on what’s included?
Email mail@howorth.uk or call 07794 400 212 and we’ll confirm whether you need survey only or survey + valuation for your purchase, and make sure you’re comparing quotes on a true like-for-like basis.