Many buyers take a risk by relying entirely on the valuation of a bank or building society to find out any defects.

Richard Sexton, a director of e.surv, part of LSL Property Services, says: "The lender's valuation will establish what a home is worth and its approximate state of repair. It won't necessarily reveal all the problems which can trigger some hefty repair bills after the buyers move in."

When prices were soaring, this didn't matter so much. Buyers could sit tight, wait for prices to climb and eventually get their money back. In today's tighter, slower market, serious defects could see some buyers losing substantial sums when they resell.

So e.surv is backing a new RICS Condition Report in the hope that its affordability will encourage more consumers to get a private survey.

The new report costs from about £200, approximately £150 cheaper than the Homebuyer Report.

Richard says: "By making a private survey more affordable, we hope to fill a clear gap in the market. Eight out of 10 buyers currently fail to arrange private surveys, and it costs an average £1,800 in repair costs for unidentified defects when they move in.

"If more people take out a survey, fewer are likely to suffer the heartache of shelling out hundreds and even thousands of pounds to repair defects a survey would find."

The Condition Report offers a "traffic lights" coding system to rate individual aspects of a home, and highlights defects needing attention in an "easy to understand" format. It also provides advice to buyers' solicitors - but it won't include fault advice or a market valuation.

Richard says: "Anything that offers consumers an alternative to relying on a lender's valuation is welcome. Too many buyers don't realise a lender's valuation isn't really designed to spot potential repairs.

"It is people buying more expensive properties who tend to opt for a private survey, while the less well-off avoid the added expense. Our Condition Report has broader appeal.

"It isn't as comprehensive as a Building Survey or RICS Homebuyer Report, but it still covers the fundamental aspects."

If it catches on, the new report could also generate vital work for surveyors.

Their profession has been devastated since the housing market downturn began in 2008 - partly because many buyers are taking legal action against them because they believe they were wrongly advised to pay too much.

The fall in housing market turnover has also slashed demand for surveys but e.surv, which claims to have grown its market share, boasted profits of £18 million last year.

For more information go to www.esurv.co.uk or call 0800 169 9661.