Flood areas, wanting to sell below market value

AG47

The big effect from flooding getting worse and worse every year?
Flood victims want to sell very cheap, way under market value.

Could this lead the big correction to property values?

padington

AG47 wrote: »

The big effect from flooding getting worse and worse every year?
Flood victims want to sell very cheap, way under market value.

Could this lead the big correction to property values?

In flood areas, yes. The price will erode though, it won't be over night.

CLAPTON

AG47 wrote: »

The big effect from flooding getting worse and worse every year?
Flood victims want to sell very cheap, way under market value.

Could this lead the big correction to property values?

presumably those selling cheaply in flood areas will then force up the price in adjacent safe dry areas

Thrugelmir

AG47 wrote: »

The big effect from flooding getting worse and worse every year?

Where's it going to rain next time? I've lived on the Berkshire Downs and seen flooding. Natural springs don't get seen for decades. When the concentration of water is simply too great then it finds it's own way down hill by the shortest route.

kinger101

I'm sure they'd prefer to sell at market value. The market value might just have changed. Overall, only a fraction of a percentage of the UK's 23 million homes have been flooded, so it's net effect on the entire UK property market will be negligible.

Mistermeaner

Why would they sell below market value? Perhaps the market value of a flood risk property will drop but that doesn't mean selling below.

Also on what basis is flooding getting worse every year. My town flooded 20 years ago. Hasn't happened since.

What proportion of UK homes has been effected? Who are these people selling to and where are they moving?

Doubt this is significant enough to effect house prices generally and any deviations will be localised anyway.

wymondham

I would imagine many of those who have been repeatedly flooded recently will want to move regardless of loss of value etc... some things are more important...

I'll be very interested in how the Insurance industry deals with the repeated floods... too frequent for them I bet!

CLAPTON

wymondham wrote: »

I would imagine many of those who have been repeatedly flooded recently will want to move regardless of loss of value etc... some things are more important...

I'll be very interested in how the Insurance industry deals with the repeated floods... too frequent for them I bet!

unless they can sell at a reasonable price, they have not be able to afford to buy elsewhere

Marktheshark

Next year we might be under feet of snow, it happened in the 70's, we have what is known as weather cycles, wet periods, warm periods, cold one and very cold ones.
Houses in flood areas where always poor houses, just that some people have replaced their brains a smug sponge and fallen for a pack of lies.
The same houses that flooded in the 70's will flood now and before that it was the 50's, then 1930.

kinger101

Marktheshark wrote: »

Next year we might be under feet of snow, it happened in the 70's, we have what is known as weather cycles, wet periods, warm periods, cold one and very cold ones.
Houses in flood areas where always poor houses, just that some people have replaced their brains a smug sponge and fallen for a pack of lies.
The same houses that flooded in the 70's will flood now and before that it was the 50's, then 1930.

I think you are being a little harsh. Some rivers have reached historic highs. Also, changes in land use can affect which areas flood. And we can expect more wet weather in the future with global warming.

Most people do environmental searches when they purchase a home, and if they're told there is a 1% risk of flooding, they don't expect floods every 3 years.

padington

The famous fat landlords one piece of advice was don't buy in areas that are prone to flooding.

I magine those words together with the recent flooding will hamper future salesmen.