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250,000 homes could be ‘unsellable’ due to spray foam insulation – report

Home — News — 250,000 homes could be ‘unsellable’ due to spray foam insulation – report

It has been reported that spray foam insulation could render hundreds of thousands of properties unsellable, with owners potentially unable to access equity release as well.

Homeowners have been repeatedly cautioned about the risks and negative consequences associated with using spray foam insulation in their homes. The disadvantages of this type of insulation, notably the risk of moisture becoming trapped behind the foam, which can lead to decay, are estimated to affect around 250,000 homes. This issue underscores the importance of careful consideration and professional guidance when choosing insulation options for residential properties.

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Andy Wilson, an equity release specialist in Lincolnshire, told national newspaper The Times:

“The reticence of lenders to accept properties with foam installed is causing distress to many homeowners who either cannot sell, mortgage or re-mortgage their homes.

In many cases the foam may have caused no damage, but to measure this effectively the foam needs to be removed. As surveyors cannot say definitively that a property is free of defects (mainly rotten roofing timbers), it is safer and easier for lenders to decline to lend.”

In March, The Royal Institution of Chartered Surveyors (RICS) introduced a new guide aimed at updating consumers about the Consequences of Spray Foam insulation in residential properties. RICS highlighted that spray foam is frequently marketed as a simple and straightforward solution. However, they emphasize that the installation of spray foam should be viewed as a major and significant modification to a home, necessitating thorough consideration and careful planning.

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In the same article, Chris Brown, the owner of Hydrogard, says they have “700 open inquiries” about compensation for spray-foam insulation. He added:

“We probably take 35 to 40 calls a day, it’s staggering. We’re winning about four or five claims a week, and the average payout is somewhere between £7,000 and £10,000.

The chances of us winning are very good, because in many cases the product shouldn’t be in their home.”

Simon Storer, chief executive of the Insulation Manufacturers Association, said:

“I understand there are plenty of examples where mortgage approvals have been made. Spray foam has been used in this country for 30 or 40 years. If there was the problem that people were claiming, you would see all these collapsed roofs. I know the lenders and surveyors have a job to do, and therefore we’ve worked with them to help them understand. The protocol is a method by which they can be satisfied about whether the job has been done correctly.”

A spokesman for the Department for Levelling Up, Housing and Communities also said in the Times:

“We are looking into the issues some homeowners are facing and are working with the industry and stakeholders to resolve this as quickly as possible.”

Conversely, Simon Baker, Global President of Huntsman Building Solutions, highlighted some of the Consequences of Spray Foam insulation within the property market. He stated that:

“High-performance insulation solutions like spray foam insulation are an optimal way for households to make their heating systems more efficient, will be critical to our country’s decarbonisation efforts and will help occupants save money on their heating bills. As such, Huntsman Building Solutions is currently consulting with the Government on how spray foam insulation can be used effectively as part of the Great British Insulation Scheme which is due to launch later this year.

Huntsman Building Solutions acknowledges there are still misconceptions regarding spray foam insulation when it comes to lending decisions and equity release, and we empathise with individuals who face situations such as those quoted in your article. However, given the urgent need to radically upgrade the insulation standards of British homes, we must not marginalise spray foam insulation as it offers a real ability to decisively address many of the energy challenges we face, given its properties as an all in one highly effective insulator and air barrier.”