Flood risk could impact UK property market
Research by Policy Expert reveals that almost 95 per cent of Brits wouldn’t even consider buying a home on a flood plain.
The insurance provider has called for complete transparency between developers and potential homeowners following the results.
Of almost 3,000 survey respondents, all customers of Policy Expert, six per cent have already moved or are considering moving in response to flood concerns. 12 per cent said they would even consider moving abroad if they knew the flooding would get worse in the UK.
Adam Powell, head of operations at Policy Expert, said: “After some of the worst floods in recent memory, it’s alarming to see that so many homeowners are already considering heading to the hills to escape the rising water. The number of people admitting they wouldn’t even consider buying a home on a flood plain is truly astonishing, and a clear sign that government and developers must be completely transparent about the risks to homebuyers in the worst affected regions. Clearer communication here is going to be key.”
According to the Royal Institute of British Architects (RIBA), approximately 1.7 million homes in the UK are at risk of coastal river flooding; 46 per cent of survey respondents believe the flooding will get worse in coming years.
More than half of British homeowners- in affected regions and otherwise- are worried that insurance premiums will rise as a result of the floods.
Powell explained: “The floods have already cost insurers £446 million this winter, and many are fearful of further clouds on the horizon. The government’s Flood Re initiative is a step in the right direction, but with so many expecting to see premiums rise in the wake of the floods, more should be done to protect homeowners in worst affected areas, and to ensure everyone is able to protect their home for an affordable price, wherever they live.”