Tag Archives: europe
Cost of winter storms in UK revealed by ABI
Residential and commercial property owners in the UK are being urged to make sure they understand flood insurance cover after the full cost of the latest winter storms were revealed. The number of insurance claims for flooded homes and businesses made in the wake of December’s storms has climbed to more than 15,000 with 85% of these either fully or partly paid out so far, according to the Association of British Insurers (ABI). The average cost of each domestic claim for the floods caused by Storms Desmond, Eva and Frank is around £50,000 which is higher than usual and reflects the extensive damage caused by the flood waters in some locations. Insurers are spending nearly £27.5 million on alternative accommodation for affected families while their properties are repaired. The final bill for all repairs is expected to reach £1.3 billion. ‘Being flooded is horribly traumatic, not only because of the initial devastation but also because of the time it can take to get your home and business fully repaired and back in working order,’ said Mark Shepherd, manager of General Insurance Policy at the ABI. ‘Insurers are committed to getting all customers back in their properties as safely and as quickly as possible and it’s good to know that thousands of homes and businesses are getting back to normal nearly six months on. Small businesses are the lifeblood of many local economies and insurers have been working flat out to get many open and trading again,’ he explained. ‘Repairing a flooded building cannot be rushed because of the importance of making sure it is properly dried out before repairs are done. The work needed to fully restore every single property affected in December continues with the same sense of urgency as in the immediate aftermath,’ he added. According to the ABI the drying stage is one of the most important parts of the repair process, and it can take a significant amount of time. When properties are flooded by several feet of water, it gets deep into the brickwork and structure of the building. The building needs to be completely dried out before repairs and rebuilding start, and that means dry deep into the walls, not just dry at the surface. It added that although new technology is being used more often to speed this process up where possible but it isn’t always suitable for all properties and repairs done to a property which isn’t completely dry may create future problems for the owner or resident. There also needs to be full decontamination to ensure the property is safe to return to. Where properties aren’t ready for people to return to them, insurers will be funding alternative accommodation as required. Some people may choose to live in the upper storeys of their property or to stay with friends or family members instead. Businesses may also be offered alternative premises to trade from for a period. Payments have been made towards 85% of claims. Where payments… Continue reading
Call for housing and property skills shortage in Ireland to be addressed
A skills shortage is set to affect Ireland’s ability to address its housing crisis and infrastructure deficit, it is claimed. In particular there is a shortfall of qualified graduates coming into the profession, according to the newly elected president of the Society of Chartered Surveyors Ireland (SCSI) Claire Solon, a chartered planning and development surveyor. Research carried out by the Society earlier this year revealed that over 2,000 new job opportunities are expected to be created across the surveying profession in the next four years. However, based on current enrolment numbers, there will only be enough construction and property related surveying graduates to fill just over half of them and Solon it was imperative to have the qualified personnel to meet the needs of the Irish economy. ‘It’s not only the construction of homes that we need these qualified graduates, it’s also for the delivery of infrastructure that our country needs to keep pace with the growth of the economy, such as office buildings, hotels, roads and bridges,’ she explained. ‘I will be looking at several ways in which we can combat this shortage to get graduates into the workforce faster such as on the job training programmes as well as accelerating routes for those interested in becoming surveyors,’ she added. This will included a media campaign to encourage students to choose construction and property courses. ‘We’re working with accredited colleges and in-house to develop part time and and modular programmes which enables people to work while studying or to convert graduates from other areas like business or economics into the property & construction sector,’ Solon pointed out. She also said that women only account for one fifth of the Society’s membership and that needed to change. ‘When speaking with female graduates, they often say that they were unaware of the vast array of professions that exist within the surveying umbrella. So I believe communication is key here, to really highlight the variety of careers within surveying,’ said Solon. She pointed out that a chartered planning and development surveyor can be involved in managing teams from the initial viability study to the delivery of major building projects while a chartered facilities manager could be tasked with organising the operation of high spec office premises for technology companies such as Facebook, Google or Ebay. ‘If you prefer the outdoor life, chartered geomatic surveyors spend most of their time on site, now using high powered drones and sophisticated technology to map and survey land,’ she added. Continue reading
Second step buyers might struggle for deposit moving from flats to homes
Almost half of second time buyers in the UK have no plans to save for a deposit to buy their next home as they believe the equity in their current property will pay for their deposit, new research shows. Some 44% plan to rely on equity but the growth in house prices has outpaced flats over the last 10 years potentially leaving buyers short when they look to move up the ladder, according to the study from price comparison site uSwitch. However, over the past decade, prices for terraced, detached and semi-detached properties have risen by 21% while flats have increased by 15% over the same time period. First time buyers often buy a flat and then look to move up to a house. The research found that the widest disparity in growth rates between flats and houses can be found in Preston where the difference is 16.5%, Colchester 10% and York 9%. At the other end of the spectrum, flat owners in Aberdeen, Wolverhampton and Milton Keynes have seen their property prices increase in price more than local houses at 10%, 3.5% and 1.7% respectively. With 62% of second steppers looking to buy a house, the firm suggests that they should consider starting to save now to avoid a falling into a deposit deficit. The study also showed that 61% of second time buyers haven’t saved anything towards the big upfront costs such as stamp duty, surveying costs or removal costs which can amount to almost £12,000. ‘Second steppers have been lulled into a false sense of security by rising house prices. In some parts of the country houses have far outstripped flats and so if you are looking to move up the property ladder you need to carefully plot your next steps,’ said Tashema Jackson, money expert a uSwitch. ‘Whatever your situation, plan ahead to find out what you can afford and how much you need to save. Don’t just take the first mortgage offered to you, consult a range of providers to find the best deal for you as this will help prevent paying over the odds,’ Jackson added. Continue reading
