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First Time Buyers deterred by environmental issues

A survey suggests that almost half of first time buyers have at some time pulled out of deals because of environmental factors. 

The poll of more than 1,000 buyers for First Mortgage shows that 48 per cent of first timers have withdrawn from a property purchase because of one or a mix of eco-related problems 

Flood risk was the most common concern cited by 56 per cent, followed by contaminated land on 52 per cent.

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Then came subsidence; natural hazards; nearby mining activity; pollution levels and noise pollution; water quality, nearby industrial activity; the threat or presence of radon gas, and parking congestion.

First Mortgage compliance director David McGrail says: “If a buyer thinks their potential property could be at risk of environmental factors such as flooding, erosion or being more at risk to extreme weather, they should look to get a specialist surveyor in to make sure the property is properly built for this and if they need any specialist insurance.

 

“Climate change is something we cannot deny, and it is indeed having an impact on the health of our homes and the potential housing market.

“As we have seen recently in London, flooding is becoming more of an issue, not just in rural areas close to rivers, but also in cities and towns.

“Climate change will have an impact on future mortgage applications and when you consider that subsidence can knock 20 per cent off a home’s value, or around £50,000 on the average home price, it can have an impact, and even make you more at risk of negative equity.”

  • Mike  Stainsby

    Sellers coming to the market should provide evidence to potential buyers that their property has a clean bill of health by showing them a complete Search pack. Upfront data enables sellers to be aware of and rectify issues if possible and buyers to know very quickly if the house is what they really want. I am surprised to read the recommendation in the article that 'they (buyers) should look to get a specialist surveyor in' A comprehensive Search pack will include a Flood, Ground & Environmental Report. Where this evidence does not exist they can commission their own pack on day 1 before any expensive further surveys are paid for.

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    No - caveat emptor

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