Xactware Releases First Property Report for United Kingdom

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Global recession played large role in driving construction rates last year, according to report

In its first-ever property report for the United Kingdom, Xactware reveals that turmoil in the global economy had a significant effect on national construction rates in 2009.

As an international leader in technology solutions for the property insurance industry, Xactware compiles annual reports that provide insight into major trends in property insurance claim estimates and construction rates. This year, Xactware published a year-end report on rate trends for nine regions of the United Kingdom: London, Northern Ireland, Scotland, and Wales, as well as the Northwest, Northeast, Midlands, Southeast, and Southwest regions of England.

“Many costs associated with construction dropped throughout the U.K., particularly those most vulnerable to supply-and-demand issues,” said Vernon Davenport, Xactware’s director of European operations. “For instance, the average cost of engineered wood dropped about 8 per cent. This can be attributed in part to suppliers offering large discounts to reduce overstocked surplus.”

Xactware’s 2009 Property Report for the United Kingdom also shows that labour rates for many critical activities (such as plumbing and bricklaying) decreased dramatically in many regions of the U.K.

Additional findings in this 12-page report include:

  •     the effect of surplus inventory on the cost of wood flooring
  •     the effect of global demand on rates for copper plumbing material
  •     rate changes for plasterboard
  •     expert analysis of the U.K. building and refurbishment industries

Xactware’s in-house team of professionals, which has more than 400 years of combined experience in construction and restoration, gathered and analysed all data contained in the report. A London-based division of the team focused on monitoring and reporting cost information for the United Kingdom.

“In the current economy, accurate data is more critical than ever,” said Davenport. “This report is full of reliable information on rate changes for labour and common construction materials that property professionals can use to make better decisions as they plan for the year ahead.”

In addition to this report, Xactware provides real-time ongoing analysis available throughout the year to let insurance professionals view information for the United Kingdom as a whole or drill down to specific regions and cities. Those tools have helped Xactware customers reduce indemnity spend, decrease cycle times, and increase customer satisfaction.

For more information about Xactware’s 2009 Property Report for the United Kingdom, or to order a copy, contact the Xactware sales team at 020 7680 4970.

About Xactware

Xactware Solutions, Inc. (Xactware) is a wholly owned subsidiary of Verisk Analytics specialising in the property insurance, refurbishment, and restoration industries. Xactware’s applications include buildings and contents estimating programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking, and data trending in real time.

For more information about Xactware’s products and services, contact Xactware at 020 7680 4970 or http://www.xactware.co.uk.

Media Contact:

Vernon Davenport
Xactware Director of European Operations
+44 (0)207 680 4981

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Vernon Davenport
Xactware Solutions
+44 (0)207 680 4981
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