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L&G data shows house prices increased at record rates over the last 3 years

As the soaring cost of living pinches budgets and the housing market continues to see volatility, Legal & General Surveying Services is urging homeowners to avoid any hidden costs during a property transaction by seeking a home survey.

Newly released Legal & General Surveying Services’ data reflects the rate of UK house price growth over recent years. Across the UK, properties of all types rose in value over the past three years, with valuations for houses growing by 22.1%, averaging from £325,595 in 2019 to £397,690 in 2022. This was closely followed by bungalows, with 21.8% growth, and chalet bungalows, with 21.8% growth across the same time frame. 

The rapid gains in property values were felt across all UK regions. In the last year, home valuations increased at the fastest rate in the North West, rising by 3.6% to an average value of £262,610 in 2022, from £253,499 in 2021. The East Midlands and the South East followed closely, with valuations in these regions increasing by 3.1% in the same period.

Given current market uncertainty, UK house price growth may become less predictable in the coming months, making a home survey more important than ever to protect homeowners against surprise costs in the future.

When it comes to selecting a surveyor, Legal & General Surveying Services shares the following guidance:

  1. Choose professional surveyors: Always choose a RICS qualified surveyor, who will adhere to a strict code of conduct and provide useful guidance on any issues they detect while inspecting a property.
  2. Location: Consider using a company with surveyors based in the local area, so they have the right knowledge and are aware of the common issues that appear in typical building work based around the location.
  3. Choosing the right survey for your situation: Customers need to consider which survey is right for the property they’re purchasing. For example, if a homebuyer needs a convenient analysis of a property’s issues, a digital home survey might be the answer. On the other hand, a building survey might be more suitable if a homebuyer is considering an older property with potentially more complex features.

Paula Matthews, Strategic Relationship Director at Legal & General Surveying Services, said:

“The complexities of the housing market at the moment make it even more important for homeowners to get a survey that meets their needs. This allows homeowners to better understand exactly what they are buying and any additional issues that it might uncover. A home survey can ensure the property is the right home for the new owner and, if there are issues, these can be taken into account before the purchase is finalised.

“Purchasing a home is the biggest long-term financial commitment most people make, so buyers should take every precaution to ensure expenses don’t accumulate. Given the current cost of living crisis, it’s understandable that many might feel a survey is a luxury they cannot afford. However, paying a little money now for a survey could identify a range of potential issues that are more expensive to fix, potentially saving the homeowner thousands in the long run.”