Does Asbestos Affect the Value of Your Property?

Although banned in the UK since 2000, asbestos was a common building material well into the 1980s, meaning many properties are likely to have some kind of Asbestos Containing Material (ACM) in them. While it remains intact, asbestos is not a cause for concern. However, should it start to deteriorate and crumble, it can release microscopic asbestos fibres into the air, which, if inhaled or ingested, can be a serious health risk.

This being so, many people are concerned that the presence of asbestos in their home or commercial business will affect the value of their property when it comes time to resell. In this article, we will discuss whether this is the case.

What are the adverse health effects of asbestos?

As mentioned, asbestos primarily causes ill-health when ingested or inhaled. Specifically, it increases the risk of developing the following diseases:

  • lung cancer
  • asbestosis
  • mesothelioma
  • cancer of the kidneys, throat, and gastrointestinal tract
  • scarring of the lung lining
  • pleural effusions

Can you sell a home that contains asbestos?

Yes, you can. There is no barrier to selling a property that contains asbestos, aside from the buyer’s reluctance to purchase. Likewise, most lenders will have no problem providing a mortgage for anyone looking to buy the property, provided they understand that the lender has no Duty to Manage the material and that the future care of the asbestos is the buyer’s responsibility.

Do I need to declare if my property contains asbestos?

Absolutely. Under the Property Misdescriptions Act, you have a legal obligation to declare the presence of asbestos in your property if you are aware of it. However, if you are unaware of the presence of asbestos, you are not obliged to conduct a separate asbestos survey to discover it.

Does asbestos decrease house value?

In and of itself, asbestos does not lower the value of your house. Properly managed, it is not a dangerous material. However, many potential buyers may be put off by the prospect of having asbestos in the property. While this might not directly affect the house price, it might make finding a buyer more difficult and leave you less room for negotiation.

If the presence of asbestos is declared in the property listing, the asking price should reflect that. However, if you fail to declare the presence of asbestos when selling a property and it is discovered during the buyer’s survey, you can expect them to try to renegotiate a lower price to cover the cost of asbestos management or removal.

Does asbestos affect the value of commercial property?

Again, the presence of asbestos will not automatically devalue a commercial property. However, the owner of such a property will incur additional expenses as a result and may wish to negotiate a reduction. They will have a Duty to Manage any asbestos, which can be a long-term commitment. They may also want to have the asbestos removed, which will not just be costly but will render the property unusable for business while the work is being carried out, resulting in lost earnings.

Effects of Asbestos on Property Prices: Final Thoughts

If you wish to remove the asbestos from your property prior to selling it or are planning to buy a property containing asbestos and want to know the cost of removal, give Abastra Environmental Ltd a call today. We provide professional asbestos surveyors and removers to properties across the UK, with the knowledge and experience to identify and remove the material safely and securely. Contact the team on 01268 411 355 to discuss your requirements and to get a free, no-obligation quote.

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