Leading Valuer Reminds People That Houses And Property That Flood, Are Worth Less Money
As the flooding moves North today and leaves the devastation in the South West and Midlands to be cleared up, one of the UK’s leading valuers of property offered a stark reminder that flooding can have a huge impact on the value of property.
‘A house that has, or is liable to flooding, is worth less money – the floods we are seeing today will mean those properties affected will be worth less when come to sell. This fall in value will be exacerbated by the failure of Govt and the ABI to sort out insurance cover – property that is uninsurable becomes unmortgageable, and will therefore take out 80% of potential purchasers’.
Hugh Fell manages the North East’s biggest group of surveyors in the rural economy – George F White- and is managing director of Water-Value, a specialist consultancy. He sits on the RICS Flood Working Group and was the lead author on the RICS guidance on the valuation of Rural Property.
‘Even today, as the rain pours down and property becomes inundated with water, people are exchanging contracts in complete ignorance that the value of their investment will inevitably fall in value. Individuals buying houses, and investors buying commercial premises, need to understand precisely what they are doing within the context of flood risk’.
Fell also predicts a ‘deluge’ of negligence claims coming forward where people haven’t been properly advised about flood risk. ‘Solicitors and Surveyors need to get a grip on flooding – they have been slack in the past about properly researching and advising on this risk on behalf of clients’.
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