Legal & General Surveying Services has urged homeowners to avoid hidden costs during a property transaction by seeking a home survey.
The firm suggested that house price growth in the UK may be less predictable amid market volatility in the coming months.
Newly released L&G Surveying Services’ data has reflected the rate of UK house price growth over recent years. Across the UK, properties of all types increased in value over the past three years. Valuations for houses have grown by 22.1%, averaging £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.
L&G Surveying Services stated that these rapid gains in property values were also 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, up from £253,499 in 2021. The East Midlands and the South East followed closely, with valuations in these regions climbing by 3.1% in the same period.
Strategic relationship director at L&G Surveying Services, Paula Matthews, 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.”
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