Xactware’s 2012 Property Report for the United Kingdom Shows Impact of Global Recession on Property Sector

Report: Wages for critical trades were static; other building costs decreased last year

 — 04 March 2013 — 

A new report from Xactware, a leading technology provider to the property insurance, refurbishment, and restoration industries, shows that the global recession continued to hamper the U.K. property sector in 2012. 2012 UK Property Report

Among its findings, Xactware’s 2012 Property Report for the United Kingdom reveals that wages for trades — such as plumbers, electricians, roofers, and tilers — have been static over the past few years. The cost of many commonly used building materials also declined by the end of the year. In addition, the report states that even the widespread flooding of 2012 had little or no impact on building costs.

‘In an otherwise healthy economy, the flooding might have affected the cost of labour and materials, but Xactware’s research indicates no such changes occurred’, said James Grant, Xactware’s managing director of the U.K. ‘Given the prolonged downturn in the construction sector, most builders were ready and willing to fill the need for reinstatement work after the storms’.

Xactware’s 2012 Property Report for the United Kingdom bases its findings on claims estimates processed last year by Xactware’s claims assignment and analytical network, XactAnalysis®, and on research conducted by its Pricing Data Services team. This team collected, collated, and analysed thousands of data points to compile the information within the property report.

The report contains findings on these key areas:

  • An overview of activity in the new construction, home improvement, and reconstruction sectors
  • An analysis of claims for escape of water, storm damage, and accidental damage
  • Cost changes for copper, aluminium, and lead
  • An overview of internal finishes, such as flooring, plasterboard, and paint
  • Trends for raw and finished timber costs

‘The economic turmoil of 2012 reiterates the value of reliable information on major trends in the property sector’, Grant said. ‘Xactware’s property report will prove to be a valuable resource to property professionals as they navigate the coming year’.

Visit Xactware.co.uk today to get the 2012 Property Report for the United Kingdom.

About Xactware

Xactware specialises in technologies for the property insurance, remodeling, restoration, and mortgage and lending industries. Xactware’s tools provide claims estimating, contents replacement, claims management, and property maintenance solutions for desktop, mobile, and online platforms. Xactware’s services include repair cost research and reports, aerial imagery, and real-time business intelligence. Xactware has been providing cloud services for customers since 1995. Xactware is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). For more information about Xactware’s products and services, contact Xactware at 00 44 20 7680 4970 or Xactware.co.uk.