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*Rated Insurer* What does it mean?

By Head of Broker Relations, Richard Westgate   There have been a large amount of businesses recently that are focusing on rated insurers only for the peace of mind of their client and their clients purchasers. This is absolutely the right thing to do for the...

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Latent Defects for Property Developers

Latent Defects for Property Developers

A Structural Warranty isn't just for Residential Developments Although many property developers use a Structural Warranty to cover new build residential developments, there are also many other areas they can be used.With demand across the UK being high for housing,...

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Structural Warranty Insurance Charges Explained

Structural Warranty Insurance Charges Explained

Structural Warranty Insurance Charges – What are all these charges on my invoice? If you’re a builder or developer, you likely need to buy Structural Insurance (or Latent Defect Insurance) for your new build project, but have you ever wondered what all the charges are...

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Home Insurance or LDI?

Home Insurance or LDI?

What’s the difference between home insurance, and latent defect insurance? A homeowners guide. If you live in a home that was built within the last 10-years, you likely have a Structural Insurance Policy on the property, these are also called Latent Defect Insurance...

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What is the state of the Construction Market?

What is the state of the Construction Market?

Based on shop decorations, it’s basically Christmas (?!) and we are heading towards year-end, so what should we expect from the construction industry in 2023?  The Autumn Construction Forecasts for 2022-2024 have just been released by the Construction Product’s...

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Latent Defect Insurance – Who’s the Beneficiary?

Latent Defect Insurance – Who’s the Beneficiary?

Latent defect insurance can be confusing if you aren’t familiar with it as the way it is purchased, as how it functions can be very different from most other types of insurance.  If, for example, you were purchasing car insurance; you would (either through a broker,...

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What is a Collateral Warranty?

What is a Collateral Warranty?

Collateral warranties have become standard on most construction contracts, but what are they? What do they mean? And who is liable under them?  To understand collateral warranties, you first need to understand some basics of Contract Law in the UK. In Contract Law,...

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Heat Pumps- The Basics

Heat Pumps- The Basics

A heat pump extracts energy from renewable sources such us ground, water and the air. A Water source heat pump uses a body of water to extract heat and provide energy to heat your home. The working fluid in the pipes uses the heat from the water source to create...

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Efflorescence – What’s it all about?

Efflorescence – What’s it all about?

Brickwork can be subject to all kinds of discolouration depending on the type of brick and the stain. However, concentrating on efflorescence its necessary to understand what it is and why it happens. There are 3 types of efflorescence, 2 primary and 1 secondary...

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There’s a snag – Common issues with new build housing

There’s a snag – Common issues with new build housing

The housing market moves at 100mph, and Developers are eager to deliver on timescales so that homeowners can move in to their new home on time.  Well, no one but most of the issues listed below are due to people rushing to be finished on time. Every effort is made to...

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HMO Decline in the UK Caused by Strict Regulations

HMO Decline in the UK Caused by Strict Regulations

New regulations introduced by the UK government in 2018 has likely caused the decline in HMOs over the last year, suggests data from Octane Capital. The government implemented new rules that require that a House of Multiple Occupancy (HMO) applies for a licence for...

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SHORT SUPPLY OF STOCK SENDS HOUSE PRICES SOARING

SHORT SUPPLY OF STOCK SENDS HOUSE PRICES SOARING

Rightmove, the UK property website which states that it covers 96% of homes in the UK that are put up for sale, has reported that soaring asking prices for British homes has been recorded as the highest monthly jump for the same time of year since March 2004. This...

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STAY DRY- UNDERGROUND WATERPROOFING PART 2

STAY DRY- UNDERGROUND WATERPROOFING PART 2

Part Two – By Compariqo’s Head of Risk Managment, Dan Holding. Once the Certified Surveyor in Structural waterproofing (CSSW) is appointed they will work with the existing design team. Early involvement means that the waterproofing design can be incorporated into...

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STAY DRY- UNDERGROUND WATERPROOFING

STAY DRY- UNDERGROUND WATERPROOFING

Part One - By Compariqo's Head of Risk Managment, Dan Holding.Converting basements and creating floors below ground level has become a popular way of creating additional living space. This comes with obvious risk and the cost to remediate water ingress can be...

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Record breaking jump on UK Property asking prices

Record breaking jump on UK Property asking prices

Property Estate Agents Rightmove have stated that the average price of a home in the UK has broken history and jumped by £8,000 in just a month. Stirring existing concerns that the housing market is becoming increasingly inaccessible to those not yet on the property...

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Average UK rent prices increase to nearly £1,000 a month

Average UK rent prices increase to nearly £1,000 a month

As the cost of living increases, residential tenants are being pushed to contribute more of their income to keep the roof over their heads as UK rental prices hit a 13-year high at almost £1,000. New research has revealed that rents had increased by 8.3% by the end of...

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Why Contractor Insolvency Cover is so important

Why Contractor Insolvency Cover is so important

The collapse of Carillion highlighted the importance of getting Contractor Insolvency cover in place to mitigate the risk of financial loss to developers and investors if a contractor becomes insolvent. Recently, another contractor, - Create Construction went into...

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2021 saw first-time buyers topping 400,000

2021 saw first-time buyers topping 400,000

An increase in first-time buyers who braved the current economic climate in 2021, saw an estimated 408,379 mortgaged purchases, which accounted for over 50% of all mortgaged purchases according to Yorkshire Building Society (YBS). This is the first-time that buyer...

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Housing Market Held back through Lack of Supply

Housing Market Held back through Lack of Supply

A November survey into the UK residential housing market has revealed that despite the uplift in enquiries, there has been a lack of new listings which is holding back market activity.  The limited supply of housing is also keeping prices rising which show no signs of...

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Help to Build Scheme Goes Live

Help to Build Scheme Goes Live

Having been formally announced in April, the Help to Build Equity Loan Scheme has launched. In a bid to boost the self-build and custom build sector and bring more opportunities for people to create their own home, the scheme has been allocated £150 million over the...

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Self-healing concrete to arrive in the UK

Self-healing concrete to arrive in the UK

Dutch firm Basilisk, the pioneers of its new Sensicrete product have signed an agreement with precast specialist JP Concrete for a supply deal which will offer self-healing concrete to the UK. Although normal concrete does have some limited self-healing capacity in...

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Property Prices Continue to Rise Despite End of Stamp Duty

Property Prices Continue to Rise Despite End of Stamp Duty

Many experts feared that the Stamp Duty Holiday surge in house buying would reach a “cliff edge” as the end of the holiday approaches, although this has shown no sign of happening. Zoopla has released figures showing that house prices have risen on average £10,246...

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UK Housing Market is on Fire!

UK Housing Market is on Fire!

Although this is positive news for the economy, there are concerns being raised by Bank of England Chief Economist, Andy Haldane.  He warns that the continued government incentives designed to ignite the housing market, could actually result in deepening the divide...

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Halifax Price Index Reveals Record High for UK House Prices

Halifax Price Index Reveals Record High for UK House Prices

Halifax’s House Price Index for May has revealed that annual house price inflation was at its strongest in almost seven years. The average UK house price was recorded at £261,743 in May, up 1.3% from April, 2.4% from the previous quarter and up 9.5% year on year...

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Sold Property Market Value Jumps to £461bn in 2021

Sold Property Market Value Jumps to £461bn in 2021

Property Market experts Zoopla has predicted that the current boom in the housing market is likely to surge to its busiest time in 14 years.  The value of sales in the UK rose by 46% this year when compared with 2020 although London is still somewhat behind. This...

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Model Design Code to be Trialled by Local Councils

Model Design Code to be Trialled by Local Councils

Selected councils will trial the use of the National Modal Design Code (NMDC), which will allow them to adapt the code in their area. In response to the Living with Beauty report that was released in January 2020 by the Building Better Building Beautiful Commission,...

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Rightmove Report Record Price Rise of Almost £6,000

Rightmove Report Record Price Rise of Almost £6,000

The latest index from Rightmove has shown that asking prices have risen by £5,767 (1.8%) over the last month, reaching a new record of £333,564 in May. Across the UK, prices have also hiked up by 6.7% when compared with March 2020, although no direct comparisons were...

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New Home Registrations Up by 10%

New Home Registrations Up by 10%

NHBC has released new data that shows that new home build registrations were up 10% in the first quarter of 2021 from the same period in 2020. This is further proof of a strong recovery following a slump in Q2 of 2020 caused by the national lockdown which later...

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Materials Shortages Caused by HS2 Projects.

Materials Shortages Caused by HS2 Projects.

The current demand for materials far outstrips the supply and the situation has been made worse by several factors such as Brexit, the Covid-19 pandemic and the Suez Canal blockage that lasted for a week. The materials that do make it thought to the UK are being...

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Construction Industry to Expect Hiking Material Prices

Construction Industry to Expect Hiking Material Prices

The current climate has created the “perfect storm” for spiking material costs, says Core Five, an independent firm of construction cost consultants.  This comes just as the industry is preparing its rebound following the third national lockdown. Contributing factors...

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Kier sells house-building division for £110m

Kier sells house-building division for £110m

Kier Living Limited is in the process of being bought by a newly formed company called Foster BidCo Limited, which is owned by Guy Hands, who is also the founder, chairman and Chief investment officer of one of Europe’s leading private equity firms, Terra Firma. Terra...

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Contractors – Get Your Free Covid Testing Kits Now

Contractors – Get Your Free Covid Testing Kits Now

Construction companies can now apply for free Covid home testing kits for their staff until 12 April 2021.  As part of the Government’s workplace testing programme, from 6 April, any company with more than 10 employees will be eligible for the tests where onsite...

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UK Homes Need £342bn to Become Energy Efficiency Compliant

UK Homes Need £342bn to Become Energy Efficiency Compliant

In order for the UK to meet the Net Zero target by 2050, the existing stock of Britain’s housing will need to be decarbonised as this currently accounts for 20% of greenhouse emissions.  The Government has estimated this to come at a cost of between £35bn and £65bn,...

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Calls for Tapered End to Stamp Duty Holiday

Calls for Tapered End to Stamp Duty Holiday

This week’s budget has been the subject of many rumours following The Building Societies Association calling last week for the chancellor to bring an end to the current stamp duty holiday with a tapered end rather than a sudden cut off which could leave many home...

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Final deadline extension for Help to Buy Scheme

Final deadline extension for Help to Buy Scheme

Since the launch of the Help-to-Buy Scheme was launched seven years ago, 278,000 households have received an advance from the government to help them get a deposit together for a new home. Although the scheme is coming to an end, information obtained from Homes...

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Are Permitted Development Rights Set to Tighten Up Again?

Are Permitted Development Rights Set to Tighten Up Again?

The CIC has set out a number of concerns over the Government’s proposals to extend Permitted Development Rights (PDR) which will allow developers to bypass normal planning procedures when converting premises for residential use and has requested that the Government...

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High-Tech Headwear to Reduce Likelihood of Brain Injury

High-Tech Headwear to Reduce Likelihood of Brain Injury

The Nexus construction helmet will, in March, have a new upgraded version revealed that incorporates a new technology called Mips (a Swedish safety helmet technology), to improve safety and reduce the risk of concussion or serious brain injury. The helmet, which is...

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The End of an Era – Goodbye to the SEC Group

The End of an Era – Goodbye to the SEC Group

The Specialist Engineering Contractors’ (SEC) Group is being wound down and replaced with a new group after almost 30 years of promoting the interests of subcontractors in the construction industry. The SEC has historically represented a group of sub-industries within...

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Brexit Trade Deal comes in the Nick of Time

Brexit Trade Deal comes in the Nick of Time

Ending months of negotiations and uncertainty, Boris Johnson finally agreed a trade deal with the EU at the end of 2020, including fishing rights and future business rules. Although still expected to come into force, the deal is unlikely to be signed off by Parliament...

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September Sees Biggest Sales Surge for Builders´ Merchants

September Sees Biggest Sales Surge for Builders´ Merchants

Following the global pandemic which saw sales plummet for builders´ merchants throughout the year, particularly in the months from March to May, September 2020 has seen a surge in sales which are up 8.3% compared with September 2019, according to the latest report by...

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Is it worth being a Landlord in the UK?

Is it worth being a Landlord in the UK?

The housing market has recently boomed, with record house price growth rates and pent up demand seeing the busiest months for house sales in years.  Planning reforms have made it easier to convert premises to a different use – either commercial or residential and for...

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Celebrating 75 years of JCB with a day off

Celebrating 75 years of JCB with a day off

Any employee around the world who works for JCB has been given an extra day holiday over Christmas to celebrate the 75th anniversary of the company and the 75th birthday of the owner. UK employees must take their holiday on Christmas Eve which will extend the standard...

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Construction Output in Great Britain – August 2020

Construction Output in Great Britain – August 2020

The Office of National Statistics has released figures for UK construction output in August 2020. Following record monthly construction output growth in June (21.8%) and July (17.2%) of 2020, growth slowed to 3.0% in August.  Although output rose to £12,455 million,...

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Autumnal Boom in UK House Sales

Autumnal Boom in UK House Sales

What may be due to pent up demand or an urgency to complete on a house purchase before the possibility of another complete lock down, the UK housing market boomed throughout September and October. New records were set and Rightmove made new forecasts in light of...

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Retrospective Structural Warranty – What it is?

Retrospective Structural Warranty – What it is?

Compariqo can arrange a policy called a ´Retrospective Structural Warranty´ which is for properties that have already been completed, but do not have structural defects insurance in place. Once an inspection has been successfully completed and there has been sign off...

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Plaster Beetles in New Builds

Plaster Beetles in New Builds

Fresh, damp plaster in a new build property can be an invitation to plaster beetles to come in and feast. If you or your clients experience an infestation, it could be due to the house not being dried out properly prior to habitation. Although not considered to be...

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Report states 75,000 MMC homes should be built every year

Report states 75,000 MMC homes should be built every year

A new report by a major government advisor has estimated that up to 50,000 new jobs could be created if the government targeted 75,000, high-quality, well designed modular homes per year by 2030. The report has been co-authored by Mike De’Ath, partner at HTA Design...

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Brick Merchant Sees Profit Jump Despite Covid Pandemic

Brick Merchant Sees Profit Jump Despite Covid Pandemic

Brick merchant Brickability has reported a pre-tax profit despite the slump during Covid lockdown. After listing on the AIM last September, the firm reported a pre-tax profit of £12.2m in the year to March, an increase of 42% and up 15% on revenue to £187m. The firm...

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Horsetail – How to weed out the problem

Horsetail – How to weed out the problem

What do you do when you have an invasion of Horsetail on your site? Equisetum arvense, commonly known as Horsetail can be a proverbial thorn in the side to developers, but there are ways to deal with it that will benefit your budget and the environment. The weed has...

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Local Councillors Oppose New Government Planning Reform

Local Councillors Oppose New Government Planning Reform

In a bid to boost housing development in the UK, central government recently announced the biggest housing reform since the second world war, although the plans have not been well received with local councillors. A recent survey conducted reveals that 78% of...

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Persimmon Boss Cashes in on Shares before Departure

Although Dave Jenkinson is due to leave Persimmon at the end of the year, last week he sold £3.4 million worth of shares accounting for 129,307 although he still holds a further 603,983 shares in the company, reported to be worth around £15.7 million.  He also sold...

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Barratt is back on track

Barratt is back on track

The UK’s largest house builder is targeting 15,000 home completions for the year ahead after experiencing a surge in demand for new homes after the end of lockdown.   Production rates are now back on track and the company is preparing to ramp up for new completions as...

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Kier Wins Dover Grammar School Contract

Kier Wins Dover Grammar School Contract

The Department for Education (DfE) has appointed Kier for a £24.7 million project at the Dover Grammar School for Boys.  The project was procured through the DfE Construction Framework and is due for completion in Summer 2023.  With the aim of providing new amenities...

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Landmark Birmingham office block gets £2m Refurb

Landmark Birmingham office block gets £2m Refurb

Work has begun on the £2m refurbishment of a landmark office building at 54 Hagley Road in Edgbaston, Birmingham by Aberdeen Standard Investments. The outdated building contains a 16-storey east wing and an eight-floor west wing, of which five floors are being...

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Next Stage for the New Homes Ombudsman

Next Stage for the New Homes Ombudsman

In a bid to boost confidence to new build homebuyers, the government has released a Building Safety Bill in which it includes plans to introduce a New Homes Ombudsman so that homebuyers have effective and accessible methods for seeking redress for problems encountered...

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32% Rise in Residential Property Transactions in June 2020

32% Rise in Residential Property Transactions in June 2020

Although figures are still lower by 35.9% than the same period in the previous year which has been mostly accredited to the pandemic, the latest data from HMRC reveals that between May and June this year, residential property transactions climbed to 63,250 - a rise of...

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The name’s Bond…Performance Bond actually 

The name’s Bond…Performance Bond actually 

The name’s Bond…Performance Bond actually  But it could be any type of Bond required in construction – the main ones that are usually requested through Compariqo aside from Performance Bonds are Insolvency Bonds, Advance Payment Bonds or Road and Sewer Bonds.  A bond...

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Vistry Partnerships to build 32 modular homes with Ilke

Vistry Partnerships to build 32 modular homes with Ilke

Vistry is undertaking a regeneration project of a 21-acre site in Bristol. The plans include 346 homes, several retail and start-up business units, a community building and many green spaces factored in to the community. In a partnership with Ilke, Vistry will deliver...

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