Tue, 29 Mar 11
Those considering buying a new-build British home over the next decade could get more than they bargained for, according to a new insurersí report that reveals much UK development land is recycled from former industrial sites and could prove hazardous.
The report from British home insurer LV= identifies 125 million square metres of proposed development land that stands on former industrial sites, or what industry insiders call 'brownfields'. These recycled land plots, on which 79% of all new build homes in the UK are constructed, often pose risks of flooding, contamination or poor drainage, which could see the new homeowner unwittingly footing a large regeneration bill.
'With many new properties being built on second-hand land, itís vital that potential buyers carry out adequate checks to find out what their new property is built on', said LV= managing director John OíRourke. 'Regardless of when the property is built, itís always a good idea to get a structural survey and to discuss any potential issues with the insurer.'
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