Flood-Soaked U.k. Homeowners Face Decline In

[Saving For a Space Ship]

Flood-Soaked U.K. Homeowners Face Decline in Values: Mortgages

http://washpost.bloomberg.com/Story?docId=1376-N0ZL4I6JIJV201-6DOTD84213F7E8N7VENC1MQIU1

Edited February 19, 2014 by Saving For a Space Ship

[Pindar]

Virginia Water => Virginia Under Water

[200p]

Ah...... but the decline might be offset by the increase in value of nearby homes that are on hills. In fact it is a selling point if I was selling a house on a hill. Make sure it is in the Estate agents blurb - flood proof!

[FallingAwake]

“The repercussions for property asset values are absolutely huge,” said Hugh Fell

Ha, my subconscious mind read that name as "Huge Fall"

Or maybe the writers are simply masters of subliminal messages.

[Pindar]

The flooding must surely result in a polarisation of prices. The winners being the ones who are lucky enough to live in an area that is not prone to flooding. I'm pretty sure the responsibility of alerting buyers to flood risk falls squarely on the shoulders of conveyancers and solicitors. The potential to bag a bargain increases along with the associated cost of protecting property against flood damage either through higher insurance premiums or self-built flood defenses.

[ZeroSumGame]

Richmond upon Thames ==> Richmond in Thames.

Coming soon : Help To Insure for first time re-mortgagors.

[Saving For a Space Ship]

Virginia Water => Virginia Under Water

Whereas, here in the Uk we have Virginia Wade

The flooding must surely result in a polarisation of prices. The winners being the ones who are lucky enough to live in an area that is not prone to flooding. I'm pretty sure the responsibility of alerting buyers to flood risk falls squarely on the shoulders of conveyancers and solicitors. The potential to bag a bargain increases along with the associated cost of protecting property against flood damage either through higher insurance premiums or self-built flood defenses.

I have a friend going through a bitter divorce, he is in his late 50s, has been screwed financially by his ex-wife, being left just £65K in total after the divorce, which is his pension as well.

A North Wales coast EA said a house with flood risk for sale for £120K, would accept offer of £60K from him, and he was tempted.

He was asking my advice, I told him to do some research, be careful & not rush into such purchases.

Any suggestions on further advice for him ?

On a seperate note, I am wondering if such flooded land with planning permission could be bought cheaply by hpc'ers and have cheap housing build on stilts or pontoons.

Of course, you would need a hovercraft car to access it or floating pontoons to walk along like in marinas.

Edit: Does it affect the type of planning permission required, if your house is floating in shallow water for 3 months a year, as technically, its not on the land .

Edited February 19, 2014 by Saving For a Space Ship

[@contradevian]

Whereas, here in the Uk we have Virginia Wade

On a seperate note, I am wondering if such flooded land with planning permission could be bought cheaply by hpc'ers and have cheap housing build on stilts or pontoons.

I'm looking for a house that will fall off a cliff into the sea after I go, but the greedy gits are snapping them up as they now come "rights" to build somewhere more stable.

I can guarantee Cameron will launch some daft scheme, where they have the right to build where its dry, and the rest of us end up paying for it somehow.

[SickofRenting]

The flooding must surely result in a polarisation of prices. The winners being the ones who are lucky enough to live in an area that is not prone to flooding. I'm pretty sure the responsibility of alerting buyers to flood risk falls squarely on the shoulders of conveyancers and solicitors. The potential to bag a bargain increases along with the associated cost of protecting property against flood damage either through higher insurance premiums or self-built flood defenses.

In that photo, the flood defenses doesn't seem to be working, you can see that ground water has come up closer to the house.

It also should be blamed on the planners/builders who built on the possible natural flood plains and didn't future proof against floods, ie flood proof it.

[Wurzel Of Highbridge]

In that photo, the flood defenses doesn't seem to be working, you can see that ground water has come up closer to the house.

It also should be blamed on the planners/builders who built on the possible natural flood plains and didn't future proof against floods, ie flood proof it.

I have a lovely view of that as I am driving to work each morning - it's quite distracting.

The problem there for King Canute is that the water is not just sitting on the top - he is submerged in it!

The water level has risen and he is below it. He would need a waterproof hull - like a boat to prevent the water going under his moat and rising up from under the house (which is what you are pointing out).

[Pindar]

Whereas, here in the Uk we have Virginia Wade

I have a friend going through a bitter divorce, he is in his late 50s, has been screwed financially by his ex-wife, being left just £65K in total after the divorce, which is his pension as well.

A North Wales coast EA said a house with flood risk for sale for £120K, would accept offer of £60K from him, and he was tempted.

He was asking my advice, I told him to do some research, be careful & not rush into such purchases.

Any suggestions on further advice for him ?

On a seperate note, I am wondering if such flooded land with planning permission could be bought cheaply by hpc'ers and have cheap housing build on stilts or pontoons.

Of course, you would need a hovercraft car to access it or floating pontoons to walk along like in marinas.

Edit: Does it affect the type of planning permission required, if your house is floating in shallow water for 3 months a year, as technically, its not on the land .

Forgive the expression but I wouldn't touch houses on flood plain with a barge pole. The risk is too great and the potential for financial ruin too great. I almost fell for the trap of a cheap house and I dug a little deeper, finding the whole plot was water logged. I'm glad I steered clear now.

[Pindar]

In that photo, the flood defenses doesn't seem to be working, you can see that ground water has come up closer to the house.

It also should be blamed on the planners/builders who built on the possible natural flood plains and didn't future proof against floods, ie flood proof it.

I believe that in order to be effective, flood defences need to extend underground around the plot. Although admirable, the owner's attempt at pumping out the water is a slow war of attrition with the water on the winning side.

[Saving For a Space Ship]

I believe that in order to be effective, flood defences need to extend underground around the plot. Although admirable, the owner's attempt at pumping out the water is a slow war of attrition with the water on the winning side.

I'm wondering if the water coming up through the ground may at least filter the sewage out.

[Pindar]

I'm wondering if the water coming up through the ground may at least filter the sewage out.

I guess it depends if the property is on a septic tank or connected to mains sewerage . Septic tanks are prone to overflow after a flood with all the associated glop mixing in and sharing the joy in the surrounding area. My parents' old house suffered from this after heavy rain though it wasn't in a flood plain. Whatever is in the ground and surrounding land will be washed into the mix and could find itself resurfacing anywhere in the immediate vicinity.

[wonderpup]

I can guarantee Cameron will launch some daft scheme, where they have the right to build where its dry, and the rest of us end up paying for it somehow.

Money is no object- so we are told. Unless of course you are a social tenant with a spare bedroom.

[interestrateripoff]

Surely it's a selling point, you don't even need to walk to the river as it's in your front room. Have that riverside feeling whilst watching the TV.

It's all in the presentation, this could be a big selling point.

[cock-eyed octopus]

Time to get the Dutch in?

We'd have all those dykes to contend with though ....

[RDW]

I have a lovely view of that as I am driving to work each morning - it's quite distracting.

Hi Wurzel

Which road to you drive on to get a view of this ?

[Saving For a Space Ship]

UK must abandon or adapt in face of floods

http://www.newscientist.com/article/mg22129572.800-uk-must-abandon-or-adapt-in-face-of-floods.html?full=true#.UwYvnvl_vHQ

Can the UK stand firm against rising waters, or must we sound the retreat? Engineers and hydrologists contacted by New Scientist say it is now time to discuss this openly.

"This discussion isn't taking place with the public," says Tim Fox, head of the environment and energy division of the Institution of Mechanical Engineers in London. He says people need to know what it would cost to make the UK completely resilient. Then the question is "how much of that the public are willing to bear"....

...The Committee on Climate Change, an independent advisory body, says £500 million is needed over four years to adapt to climate change. That cash will not be forthcoming. "The era of big flood schemes seems to be over," says Andy Burton of the Institution of Civil Engineers in London. "There's just not the money."

The calculations used by government officials compare the cost of flood defences with the value of what is being protected. To be funded, flood defences must avoid £8 of damage for every £1 spent. In practice, cities with dense populations and high economic values benefit, while rural areas with fewer homes and businesses do not. Damage to farmland is not factored in.

But even projects to protect densely populated areas are struggling for funding. The River Thames Scheme, approved in 2011, would dig a new flood channel to reduce the risk of flooding to 20,000 properties upstream of London. But the floods are here, and the scheme is still largely on the drawing board.

So for sheer lack of money, it's likely that in the event of prolonged flooding, parts of the UK will simply be returned to nature. "If sea levels go up, and waves get bigger, and the rain gets heavier, some areas will be very difficult to live in," says David Ramsbottom of HR Wallingford, a consultancy that advises the UK government on flood defences. "Under the present regime, abandonment may well happen by default."

Coastal areas with few houses will be the first to go....

[GinAndPlatonic]

Quote : former member of the Royal Institute of Chartered Surveyors valuation board. Some homes have lost more than half of their value, making them “virtually unsellable,” he said.

blimey..amazing how they work out supposed values so quickly

[macbeth79]

Whereas, here in the Uk we have Virginia Wade

I have a friend going through a bitter divorce, he is in his late 50s, has been screwed financially by his ex-wife, being left just £65K in total after the divorce, which is his pension as well.

A North Wales coast EA said a house with flood risk for sale for £120K, would accept offer of £60K from him, and he was tempted.

He was asking my advice, I told him to do some research, be careful & not rush into such purchases.

Any suggestions on further advice for him ?

On a seperate note, I am wondering if such flooded land with planning permission could be bought cheaply by hpc'ers and have cheap housing build on stilts or pontoons.

Of course, you would need a hovercraft car to access it or floating pontoons to walk along like in marinas.

Edit: Does it affect the type of planning permission required, if your house is floating in shallow water for 3 months a year, as technically, its not on the land .

can he get insurance ?

[Quicken]

The Oxford Flood Alliance are campaigning for a Thames bypass. Looks like it may well happen with the additional political impetus of the current floods.

[Saving For a Space Ship]

can he get insurance ?

It's a cash sale with his £65k, so no mortgage. Presumably he would not be able to get insurance on flood risk properties, but he would be able to buy it

[Saving For a Space Ship]

Dutch Amphibious Houses

http://www.theguardian.com/environment/2014/feb/16/flooding-netherlands

Several Dutch companies have experimented with amphibious housing. In 2005 one architectural company, Dura Vermeer, built 32 "floating" homes in Amsterdam, based loosely on old Dutch house boats. The plan was to beat the government ban on building behind the dykes which surround the cities, the equivalent of banning building in flood plains, by creating amphibious houses of two types: one that would be on dry land until it flooded, when it would effectively float up with the rising water; and another that was built over water but that could cope with its changing levels. Most of the houses are now holiday homes.

Three years ago, Dura Vermeer built another 12 in Maastricht. "They are a little more expensive than other houses but they need no more maintenance and they can be in very special places," said Glenn Mason of Dura Vermeer. "We are not restricted as is the rest of Holland's housing. So much of Holland is below sea level and you can't build as you would normally, so we are running out of room and have to look to adapt our living style. We are one of the pioneers of working with water and now we are seeing a lot of other countries coming to look and to copy them."

Mason said the Maastricht houses, costing from €200,000-€800,000, were not all sold yet "because of the economic crisis and because there is a housing crisis too in the Netherlands". A tightening of regulations has made it harder for some people to get a mortgage. It may also be that people may joke about needing an ark but are uneasy about living in one.

"It is an experiment and at the moment all our floating houses are recreational homes. But in places like Rotterdam, where they are running out of space fast, we are looking at floating offices along with houses which are amphibious. It may well be the future."

[cybernoid]

Quote : former member of the Royal Institute of Chartered Surveyors valuation board. Some homes have lost more than half of their value, making them “virtually unsellable,” he said.

blimey..amazing how they work out supposed values so quickly

So if they are cheaper they become harder to sell? If they find that at 'half their value' they are not able to sell, then they might want to adjust that price to a value at which they will sell. That would be their actual value. Jeez its not difficult. And this thinking is from a former member of the Royal Institute of Chartered Surveyors valuation board.

You have to be a right fkwit to do that job presumably?