Is the credit crunch hurting UK property values?
The blog explains why property buyers, sellers and homeowners should understand surveys, defects and legal considerations before making decisions about a property. A professional survey can highlight structural concerns, damp, roof issues, movement, maintenance risks and potential repair costs. For building works near shared boundaries, party wall advice can also help protect both owners and neighbours before work begins.
The UK’s homes are falling into disrepair as homeowners tighten their belts, according to Halifax.
- As many as 13.5 per cent of the UK’s homes need major improvements, while half need minor works.
However, with the recession biting into people’s wallets, there is no real prospect of many people finding the money to fix problems with their homes.
This can invalidate home insurance policies – especially if something goes wrong as a result of the neglect.
“By making a number of small maintenance checks throughout the year, homeowners can save both time and money, and ensure their home is well maintained,” Ben Hillman, DIY expert.
“For example, it can cost £80 to have gutters cleaned, whereas replacing damaged gutters can cost over £1550, and even more in terms of hassle.”
Almost a third of people say they are home maintenance enthusiasts, though this doesn’t seem borne out by the number who actually spend time working on their homes.
“Cosmetic quick-fixes are often the popular choice, but a lack of awareness may lead homeowners to avoid problems that could have a more serious impact,” Hilman continued.
“With older properties comes a greater need to maintain, and our research found that three quarters of properties are over 20 years old – suggesting that home maintenance should be much higher on the homeowner’s agenda.”
Hartlepool is currently top of the list of towns and cities with housing in disrepair, closely followed by Wrekin in Shropshire.
The homeowners with the most pride in their properties appear to be those in Aberdeen, with Peterborough topping England and Newport topping Wales.
Forty-one per cent say they are too busy for home maintenance, while 29 per cent hold off through fear of injuring themselves or others.
A further 36 per cent just say they do not have the right tools.
Martyn Foulds, senior claims manager at Halifax Home Insurance, said: “By failing to properly maintain the property, homeowners risk invalidating their insurance policy, potentially running up hefty bills if something goes wrong as a result of neglect.”
- In the past five years, homeowners have spent an average of £15,841 on home improvements, but one in twenty have splashed out a mammoth £50,000+.
Resources
- Westville Associates: Building and party wall surveyors
Surrey and London surveyors offering homebuyer surveys, building surveys, party wall advice and property surveying support. - Westville Associates: Party wall surveyor
Relevant surveyor resource explaining party wall advice, fixed-price quotes and support for homeowners carrying out work near shared walls or boundaries. - RICS: Home surveys
UK professional guidance explaining the different types of property surveys and why a survey can help buyers understand a home’s condition before purchase. - GOV.UK: Party walls and building work
Official UK guidance explaining when the Party Wall etc. Act 1996 may apply and what homeowners need to do before starting certain building works. - Propertymark: Property surveys
UK property guidance explaining why surveys are important, what they can reveal and how they can help buyers make better-informed decisions. - More on property developers in the UK