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Ash4781

Flood Ratings For Houses?

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/insurance/10641483/Buyers-need-flood-ratings-on-all-houses-Aviva-chief-warns.html

Ok so in the searches in buying flood risks are highlighted by the solicitor. A rating though may highlight this more to the buyer so demanding a discount for the increased insurance premiums.

On restriction to not building on flood prone areas I expect we will see a reaction by lobby groups in the building sector. Also the nimby's will react if development needs to be switched.

Edit: in my area Kent nimby setiment is at a high. The Kent messenger has been running a nimby anti house building article each week.

Edited by Ash4781

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In a free market what would happen is simple. Instead of deflecting costs specific to this land and these houses onto the market in general the costs would be born by the owners of same. The risks being very high premiums would also be high ,BUT the cost of land for residential purposes and the cost of buying a house built in such an area would very low as an offset. Instead of that happening the capital values are in effect propped up by deflecting the costs to others assets and owners outside such areas. There is of course the issue of statutory ,or professional duty of care which means that govt bodies may be open to claims of negligence along with those professional bodies who have failed to highlight the risks on the behalf of wouuld be owners.

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As long as:

1 we don't live in a closed system i.e we print more money.

2. And the prols are not numerate i.e they believe inflation figures from government but wonder why their supermarket shop is so expensive.

Then the system continues until revolution or war. Currencies will devalue over time as more people lift their living standards globally. Trade agreements between nations that had a lower standard of living and "the west" have resulted in wage and consumer destruction in wealthy countries. This was replaced by debt, but that has to mathematically unravel too.

To create socially useful vibrant economies (ignoring dictatorship corruption and the West's part in propagating it), you need a good commodities base; enforced contract law and education to lift your executed ideas up the value curve. If you don't provide these; your economy slowly stagnates until it eventually collapses.

On the plus side, war will reduce the population and improve innovation; and probably raise manufacturing GDP. Brilliant!

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