L&G urges homeowners to seek survey during property transaction

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.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


AI, finfluencers and the future of broking
The mortgage industry is evolving faster than ever. In this MoneyAge video, we examine the opportunities and challenges redefining the broker landscape, from AI-powered lending and changing customer expectations to housing affordability, property supply and the rise of financial influencers. Our guest from Chorley Building Society shares practical insights on what brokers need to do to stay relevant and thrive in a rapidly changing market.

Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget

NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?

The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.