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Building Industry News

 

Welsh property 'is being held back'

25/04/2012 08:40:05

 

Sustainability regulations are preventing the Welsh property market from competing with its English counterpart, research has shown.


Estate agent Savills found that fewer houses are being built in Wales and the country is at a disadvantage because of the Welsh Government's focus on sustainable methods.


The study pointed out that fulfilling the need to obtain "Code 3" for sustainable homes adds around £8,000 to building costs and it is a "threat to the viability" of housing in Wales.


Researchers also blamed the Welsh Government for failing to help buyers.


However, they concluded that, in the short term, housing markets in South Wales remain on track for a steady recovery.


Gareth Carter, director of development at Savills in Cardiff, said: "One threat to the viability of housing in Wales, and why it often loses out in terms of investment, is the Welsh Government's focus on sustainability in the new homes sector.


"For nearly two years volume house builders have had to obtain Code 3 for sustainable homes on all new properties and this adds between £3,000 to £8,000 to each unit cost.


"There is no premium to end values therefore the 'hit' must be taken on the land. This doesn't happen in England."


Copyright Press Association 2012

 

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