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Dave Beans

Homeowners Living Near Rivers And The Coast Face Losing Up To 40 Per Cent Of The Value Of Their Homes

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http://www.independent.co.uk/environment/climate-change/rise-in-flood-risk-could-make-one-million-homes-uninsurable-2179746.html

Homeowners living near rivers and the coast face losing up to 40 per cent of the value of their homes as flood risk makes them uninsurable.

More than a million homes and 300,000 businesses are at risk, including those in parts of London, Southend, Brighton, Reading, Birmingham, Nottingham, Liverpool, Manchester, Hull, Middlesbrough, Blackpool, Glasgow and Edinburgh, the Environment Agency says.

The insurance industry points to evidence that climate change and rising sea levels will increase the likelihood of floods. It has an agreement with the Government – which runs out in 2013 – committing it to provide cover for customers, as long as flood risk is properly managed.

Insurers are expressing concern about cuts to investment in flood defences implied in the coalition's Comprehensive Spending Review, and the affect of funding cuts on extending the agreement – the UK is currently one of the few countries to provide flood coverage automatically through property insurance.

Nick Starling, of the Association of British Insurers, said: "We must ensure that our spending on flood defences and flood management is targeted to those areas where it is needed the most, and that the Government implements a long-term flood management strategy."

Flooding is expensive for insurers, with claims typically between £20,000 and £40,000. In the past decade insurers have paid out £4.5bn to customers whose homes or businesses have flooded, three times the £1.5bn paid in the previous decade.

Under the spending review, the Department for Environment, Food and Rural Affairs took a 29 per cent budget cut, including £110m from planned spending on new flood defences. Defra insists flood risk management is a "priority".

Some 20,000 families in Essex coastal areas say they have lost equity and are struggling with increasing premiums. Essex County Council has approached the Government for £20m to build a sea wall to protect 35 high-flood-risk homes at Great Wavering. The Environment Agency has completed 160 flood schemes defending 160,000 properties since 2007.

Dr Paul Leinster, its chief executive said: "We will continue to reduce flood risk by investing in defence schemes, but it is essential that people are all also better prepared, by signing up to the Environment Agency's flood warning service and rebuilding damaged properties to make them more flood-proof."

'It'll be harder to sell now'

Wot Blowers, 62, a self-employed gardener from Cockermouth, Cumbria, was rehoused through her insurance company following floods in the county in 2009

"It was awful. I was out of my home for nearly a year. I am back now, but it has taken the best part of a year to get the house fixed. The whole of the ground floor was flooded halfway to the ceiling.

"I probably have lost value on my house. I've been wanting to sell it for years, but it's going to be a lot harder now. My premium was £150 originally, but when I got my insurance renewal it was £2,111. I spoke to Trading Standards, but it's still higher than it was."

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Near where I currently rent it flooded pretty bad 3yrs ago and often floods a little each winter. When I moved in here 18 months ago this occured to me so I ran the postcode through the EA's website Link just to see whether this could impact the home insurance premium.

They're got the whole area down as been a flood risk which is clearly a nonsense (especially where I am, 1st floor apartment). I understand that the EA data is what insurers use however so I suspect lots of people will see an arbitary increase in their premiums.

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About time Sandbanks was cut down to size.

Is that on top of the risk of losing 40%+ of value, that all property in the UK faces?

No, I think it'll be aliased; and moreover that it'll be a case of localised defusing of the impending slump, so that non-coastal/riverine property becomes relatively attractive as a result, and suffers less value loss than otherwise.

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Modular housing that is quickly relocatable to such threats, becomes increasing more attractive.

The inflexibilty and immobility of traditional housing is a fact that many designers & owners are in denial of.

http://en.wikipedia.org/wiki/Modular_building

http://www.shipping-container-housing.com/shipping-container-houses.html

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Modular housing that is quickly relocatable to such threats, becomes increasing more attractive.

The inflexibilty and immobility of traditional housing is a fact that many designers & owners are in denial of.

One would think they would do what most other countries with this problem seem to have had the foresight to do, which is to build houses on stilts or houses on top of garages so it doesn't matter if the ground floor gets soaked. I mean, it's not as if the land suddenly 'becomes' a flood plain after construction is done.

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"Essex County Council has approached the Government for £20m to build a sea wall to protect 35 high-flood-risk homes at Great Wavering"

HUH? That cannot be right, £570K per property it would be cheaper to bulldoze and rebuild further up the nearest hill.

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They're got the whole area down as been a flood risk which is clearly a nonsense (especially where I am, 1st floor apartment). I understand that the EA data is what insurers use however so I suspect lots of people will see an arbitary increase in their premiums.

When your flat isn't flooded but the structure that holds it up is, it affects you. Do you have a 1st floor mooring for your boat?

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"Essex County Council has approached the Government for £20m to build a sea wall to protect 35 high-flood-risk homes at Great Wavering"

HUH? That cannot be right, £570K per property it would be cheaper to bulldoze and rebuild further up the nearest hill.

No it's not right

Current policy is that they wont get the money if it really is only 35 houses

tim

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When your flat isn't flooded but the structure that holds it up is, it affects you. Do you have a 1st floor mooring for your boat?

The stream about 0.5 mile from my apartment would need to turn into a raging river to flood me out. If it ever got to the stage where a boat was needed then possesions would be the least of my worries.

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I was reading an interesting article this week about all those homes on Malibu beaches costing tens of millions that belong to the Hollywood stars and rich.

Some say that global warming is resulting in rising tides that is now threatening their homes and there is talk of trying to build up the beaches to stop erosion. One of the Malibu beaches has suffered quite a bit of erosion by all account so, between the potential wide fires from the rear and the sea from the other side, makes you think.

Then again, one 'expert' said it would be a 100 years before anyone notices the problem.

I know, it does not affect most of us as we would need to win the lotto several times over in order to buy such a home but even if I had the cash I think I would be thinking twice about buying a home on a Malibu beach.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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