Thousands of homeowners across the UK are now counting their financial losses due to the spray foam insulation scam. This previously vaunted green infill solution is now rendering their homes unsellable. Reports suggest that up to 300,000 homes could be affected by issues related to this insulation type, prompting concerns about the safety and regulatory oversight of its installation.
Jim Bunce, who installed open-cell spray foam insulation in his home last year, told the story of how spray foam disappointed him. Though his upgrade was considered low risk, Bunce isn’t so sure about future eco-upgrades after his experience. He is now looking at a breath-taking £3,370 bill to have it removed. This cost offsets the fact that 50sqm of foam will eventually be landfill.
Paula Higgins spray foamed her loft conversion 10 years ago. Now, she’s in an unenviable spot. Even though her installation was approved by the council with no misgivings stated, she found that the value of her property had sunk like a stone. “We’re astonished and appalled that homeowners who act responsibly are being hit with a financial disincentive,” said Higgins. She highlighted the dilemma facing homeowners: “They either pay over the odds to remove the spray foam or remain stuck with homes they will find difficult to remortgage or sell. The federal government should take responsibility for the failures of this.”
Anita Ryan is staring down an even steeper bill of more than £6,000, to remove her spray foam insulation. Like Higgins, Ryan’s property became unsaleable because of the installation. Ryan went on to add that “We insulated our loft conversion 10 years ago. The council approved it without mentioning a problem. The house wasn’t moving, so we decided to try and rent it out when we got some unexpected, bad news. The value is practically nonexistent until we take out the foam. She said that compensation isn’t a solution because, as long as spray foam is still allowed and unregulated, thousands of people are at risk.
The Property Care Association (PCA) has reacted to these issues by releasing a Sprayed Foam Insulation Inspection Protocol. This program assists state surveyors in flagging the most dangerous installations. Homeowners, though, say the aid comes too late for those already lost.
Andy Wilson, an energy industry expert, expressed alarm at the misleading marketing ploys for spray foam insulation. Yet despite this continued harm to the public, “the foam is still being recklessly marketed and sold to mostly older and more vulnerable homeowners,” he said. Seldom are all the downsides discussed, and the pitch is always about saving money on heating costs.
LiveMore is unique among lenders to offer equity release lifetime mortgage products. They are open to lending on properties equipped with spray foam insulation. They impose a stringent condition: homeowners must remove the insulation within 90 days of signing a loan contract.
The government previously encouraged the uptake of spray foam insulation by exempting it from VAT and offering grants covering up to two-thirds of installation costs. However, many American homeowners are likely to soon feel duped by these incentivized promises. Consequently, they are left to deal with what they perceive as dire financial consequences.
Bunce echoed a sentiment shared by many affected homeowners: “As well as being out of pocket, we now find that we have lost trust in anyone selling services. We’ve given up on having the wisdom to make good decisions about spending billions. This starts with deciding who to hire for foam removal.