Properties of all types across the UK have risen in value at record rates over the last three years, according to Legal & General valuation data.

The figures show valuations for houses have grown by 22.1% over the three-year period, 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, according to the data.

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% over the same period.

According to Paula Matthews, strategic relationship director at Legal & General Surveying Services, the size of investment that home buyers are having to make emphasises the importance of surveys.

“The complexities of the housing market at the moment make it even more important for homeowners to get a survey that meets their needs,” Matthews said. “This allows homeowners to better understand exactly what they are buying and any additional issues that it might uncover.