Thousands of homeowners are finding their properties unsellable due to this seemingly innocent upgrade.
Simon Nosworthy, head of residential conveyancing at Osbornes Law, has dubbed spray foam insulation the "new cladding," highlighting its severe impact on property sales.
Spray foam insulation was marketed as an energy-efficient, cost-effective solution for sealing roof spaces, walls, and floors. However, it’s turning into a nightmare for many. By trapping moisture, it can cause wood to rot, compromising the roof’s structural integrity. Worse still, polyurethane spray foam is highly combustible, posing a significant fire risk.
Nosworthy warns that lenders are refusing mortgage approvals for homes with spray foam insulation, leaving sellers in a bind. Some have had to replace entire roof structures just to make their homes sellable. Estimates suggest up to 300,000 properties across the UK may be affected, with many homeowners having taken advantage of government-backed schemes for the work.
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The issue is not just structural but also financial. Sellers looking to downsize or relocate find themselves trapped with an unsellable asset, facing costly repairs. This creates a domino effect, impacting the broader housing market.
Nosworthy advises potential buyers to work with professional surveyors to detect spray foam insulation early. "The short-term benefits of heat retention are outweighed by the long-term consequences, including structural damage, fire hazards, and financial implications," he says.
With fire safety at the forefront of public consciousness, especially after the Grenfell Tower inquiry report, it’s crucial to be vigilant about the risks posed by spray foam insulation. Homeowners need to be fully informed before making decisions that could have long-term consequences.
In summary, while spray foam insulation might seem like a good idea for energy efficiency, the potential risks far outweigh the benefits. Stay informed, and make wise choices to avoid turning your dream home into an unsellable liability.
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