First-time buyers discouraged by environmental problems …
A survey suggests that nearly half of first-time buyers have withdrawn from transactions at some point due to environmental factors.
The survey of over 1,000 first-time mortgage buyers shows that 48% of newcomers have pulled out of a home purchase due to one or more environmental issues.
Flood risk was the most frequently cited concern by 56 percent, followed by contaminated land by 52 percent.
Then came the sag; natural hazards; mining activity nearby; pollution levels and noise pollution; water quality, nearby industrial activity; the threat or presence of radon gas and parking congestion.
First Mortgage Chief Compliance Officer David McGrail said: “If a buyer believes their potential property could be exposed to environmental factors such as flooding, erosion, or be more at risk from extreme weather conditions, they should hire a specialized surveyor to make sure the property is properly constructed for this and if they need specialized insurance.
“Climate change is something we cannot deny, and it is indeed impacting the health of our homes and the potential housing market.
“As we saw recently in London, flooding is becoming more and more of a problem, not only in rural areas near rivers, but also in towns and villages.
“Climate change will have an impact on future mortgage applications and when you consider that sagging can reduce the value of a house by 20%, or around £ 50,000 off the average price of a house, it can have an impact, and even make you more at risk. negative equity.