Ecclesiastical [Alliance sponsor], the UK’s leading insurer of Grade I listed buildings, recently announced the provisional results of its buildings index for the first quarter of 2019.
The Ecclesiastical Heritage Building Cost Index rose by 1.2% in the first quarter of 2019 compared to the previous quarter, and by 3.4% year on year. The rising costs of traditional building materials, such as handmade brick, hardwood and stone have resulted in this 3.4% annual increase in the reconstruction and repair costs of heritage properties. Stone has seen the largest increase in price, with a 4.4% annual increase in price. Hardwood products have seen an increase 4.1% annual increase, while handmade bricks have seen an annual increase of 3.3%.
The Ecclesiastical Heritage Building Cost Index (EHBCI) is specifically designed to track the costs associated with the reconstruction and repair of traditional properties throughout Britain. Sourcing and sustaining supplies of traditional materials such as handmade bricks is essential for the maintenance and repair of historic buildings. The index helps to reduce the risk of underinsurance for owners of traditional properties throughout the duration of their insurance policy.
It should be noted that the Ecclesiastical Heritage Index continues to track above the General Building Cost Index.
For more information about the Ecclesiastical Heritage Index, click here.