With purchasers liable for the associated clean-up costs of flooding, subsidence or hazardous substances from previous land use, many home buyers could be running the risk of a huge bill should problems occur further down the line.
Paul Livett, managing director of GroundSure, commented: “I find it surprising that so many property transactions take place without an environmental survey. When you consider the potential risks involved, it makes sense to carry out environmental checks before making what is likely to be the single largest purchase an individual makes in their lifetime.”
With the government renewing its commitment to building on brownfield sites in its Housing Green Paper and floods hitting many parts of the country, the land which property is built on has become increasingly important.
The Council for the National Land Information Service warned that while government targets call for 80 per cent of house building to take place on previously used land, many insurance policies fail to provide cover for environmental risks.
Michael Brill, director of Baronworth Investment Services, said: “Most lenders are concerned by flooding and do ask questions for insurance purposes. But people are putting their heads in the sand and it could cost them dearly later on. When buying a home, the environment is one of those things that people worry about later.”
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