Categorized | International

Welsh Housing Market Could Be Adversely Affected by Home Sprinkler Law

Please Share!

A new law in Wales may cause their new housing market to tumble. The law, which makes fire sprinklers required in newly built homes, could potentially create a situation in which fewer homes are actually built. Lenders and realtors alike believe that such a law would create more costs for new homeowners, and thus making building a new home significantly more unattractive.

The addition of such sprinklers could potentially increase costs by five thousand pounds, according to various home developers in the region. However, those that are in favor of adding the sprinklers to homes put that cost somewhere between one thousand and three thousand pounds.

At this point, there is no set date as to when the new law will go into effect, though legislation for these fire sprinklers has already been approved. For developers and those with interest in the new housing market, there is great fear that when the law is set into place, Wales will see its real estate market go into a deep decline, particularly in specific areas. The poorer areas of Wales may be the hardest hit, as they won’t be able to afford the increased costs. The construction of homes has already faced an immense struggle over the last few years, and the concern is that this law may cause that low number to dip even further, adversely affecting not only those involved, but also Wales in its entirety.

It is believed that for the housing market to remain stable in Wales, nearly fourteen thousand homes must be built each year. However, last year only five thousand five hundred were built.

Please Share!

About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

Leave a Reply

Twitter Chat