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L&G data shows home prices increased over the last 3 years

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

Newly released Legal & General Surveying Services’ data reflects the UK house price growth rate 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 fastest 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:

Choose professional surveyors: Always choose an 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.
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.
Choosing the right survey for your situation: Customers need to consider which survey is right for their purchasing property. 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 considers an older property with potentially more complex features.

HICH LTD has continually raised the quality standards in the UK property survey market. Our multi-award-winning property survey service has made us the leading reference in the property survey market.

We offer property survey services of the highest quality. Using state-of-the-art equipment, we provide top-notch property surveys at affordable prices. Our prices are based on the number of rooms rather than the value of the properties, so you will always get the best value for money with our services.

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