Siobhan Pearce, a 36-year-old homeowner, purchased a flat in Barrier Point five years ago with her partner. However, after just three years, an external wall assessment was conducted on the building, causing the insurance premium to skyrocket by 100% – from £590 to £1,164.
As a result, Ms. Pearce has seen her insurance premium increase by a staggering 550% since moving in, reaching a total of £6,592. She explains, “We only received a quote from one insurer for the latest policy, so we had no choice but to accept it. There was no competition.”
Moreover, there are reports of other buildings where insurance premiums have not decreased even after undergoing necessary repairs. This situation raises concerns that these costs will continue to escalate, potentially hindering property sales. Ms. Pearce notes, “Those who have attempted to sell their properties have made no progress whatsoever.”
Tony Thekkekkara, a 52-year-old NHS doctor and resident, has decided to rent out his apartment and seek a cheaper living arrangement due to the impending insurance costs. He laments, “I have been forced to leave my own home of 22 years through no fault of my own. Unless the necessary repairs are completed, insurance companies show no indication of reducing their premiums. The stress I experience thinking about the consequences of this exorbitant insurance cost is overwhelming. If no action is taken, this expense will become unaffordable and continue to rise year after year.”
Mr. Thekkekkara had hoped to retire early at the age of 55, but this now seems unlikely. Another flat owner, Pedro Sousa, 39, attempted to sell his one-bedroom apartment last year but only had one viewing before removing it from the market.
Cladding poses the greatest obstacle, as mortgage lenders are unwilling to approve loans for flats with this issue. Mr. Sousa explains, “Any potential buyer would need to be a cash buyer. Additionally, these insurance bills are deterring buyers, along with the monthly service charge of £400.”
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
