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Flood Homes: Prices Could Fall 80%

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The Royal Institution of Chartered Surveyors said: “Buyers need buildings insurance before lenders will grant a mortgage, so uninsurable homes could be rendered unsaleable. This will have a knock-on effect on the value of the property, leading to a reduction in value of up to 80%.”

80% ? well, it would be a start I suppose....

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Times a tad bearish this fine Sunday morn! I have already had 2 Chocholate McVities with my tea this morning and I am feeling very chipper.

10% down already in some areas--forget the sexed up LR report and their puny .6% falls etc:

http://property.timesonline.co.uk/tol/life...icle2144647.ece

Even in the ever-popular southwest, Glebe House, an eight-bedroom, six-reception Victorian property in Chud-leigh, 10 miles from Exeter, on sale with Strutt & Parker, has seen its price fall by £75,000 to £750,000.

What time is it? :lol:

Edited by Realistbear

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No doubt some enterprising estate agent will try to sell the properties at a premium for their "periodic Venetian-like views".

i've always liked waterfront properties, and now according to this article they'll be selling at an 80% discount?

Shouldn't the price of these properties be rocketing, after all doesn't property only ever go up?

It just seems that all the rules have changed...

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This is an ideal opportunity to help first time buyers. Property at an 80% discount makes it just about affordable for people on the median wage.

Of course, as lesser valued members of society, you can't expect to have a roof over your head and keep your feet dry.

Could they not market some kind of desiccant sold as a shake-and-vac type product? At the first hint of rain you could vacuum it into your carpet and hey-presto, next morning, you could just roll that river out of your front door...

Do the shake-and-vac and put the freshness back...

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Or it could be used as a cover..."don't worry, house prices aren't really falling. It's just those flood house dragging down the average."

Do you think if those houses affected by flooding drop in value by 80%, it won't affect the average house prices?

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Do you think if those houses affected by flooding drop in value by 80%, it won't affect the average house prices?

That's just being silly, you obviously need to visit your local estate agent, and they'll tell you house prices only ever go up.

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Do you think if those houses affected by flooding drop in value by 80%, it won't affect the average house prices?

Get real. A typical £300k waterfront property is not going to fall in price to £60k because of last week's flooding.

Same for any floodplain properties.

What made the impact of the recent flood much worse was the damage to the Mythe water pumping station. This cut off water supplies to a large part of Gloucestershire. Most of the big stories in the news are about the lack of clean tap water.

Hence all the stuff about bowsers and the disorder over the panic hoarding of water. By October most of this will be forgotten and there will be some guff about improved flood defences and people will keep buying the houses by the river...

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Guest Popalot

The flooding has affected high and low - I have spotted as much footage of angry looking sloane city banker families from Oxon as normal folk from Hull. It has taken a cross section of society and the housing market and said bricks and mortar are not WATERTIGHT investments. This will have a psychological effect on the rest of the country as tales of financial woe start emerging over next few weeks. In particular the poor muppets who have MEWed to the max, not insured themselves and now find themselves in a virtually worthless house..............now that is acutely painful and I feel sorry for them. These poor people may act as a warning to everyone on dry land to STOP MEWING! :unsure::ph34r:

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You doom merchants are a hopeless joke... :lol:

Just north of Tewkesbury is a little village called Twyning.

It floods there quite regularly yet people queue up to buy houses there and they need deep pockets...

eg

http://www.allisonjayne.co.uk/eDetails.asp...=AJTEWHB27J1012

Look at this tiny bungalow for £265k. According to this thread that house will sink to under £60k.

(I don't think so....)

Same for Apperley. Despite the regular floods that cut the village off people want to live there and they will still want to live there this time next year and they will pay a premium to do it. Some people may want to leave after being flooded out but this will be more than offset by the qty of people who will be eager to move there to replace them.

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Would they only be able to sell to cash buyers ?

Why would a cash buyer (which is supposed to be a clever or lucky type) want to acquire an asset that he will never be able to get rid of and which has massive upkeep cost unless you want to gamble and drop insurance altogether. Pass me the barge pole, would you? :)

Sentiment has changed - that's what I say...

Edited by refusnik

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THOUSANDS of people hit by the recent floods could see the value of their homes slump by 80% because their insurers may refuse to cover them for future claims.

Give it a week and the VIs will be out in force to tell us that they'll actually rise by 80% because they can be sold as desirable 'marina' properties. Little jetty attached to each house and a free boat for each buyer and job's a good 'un!

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Why would a cash buyer (which is supposed to be a clever or lucky type) want to acquire an asset that he will never be able to get rid of and which has massive upkeep cost unless you want to gamble and drop insurance altogether. Pass me the barge pole, would you? :)

Sentiment has changed - that's what I say...

Jump in your car and take a drive around Twyning near Tewkesbury (once the roads are clear of floodwater ;) )

...and then try and convince me people won't want to buy property and live there.

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The prices may not be affected much by the flooding, but the market will be a very strange one.

Few will want to live or move there and so those living there wont be able to move away.

It will be seperate market almost. The younger generations whose parents own property there will

have to stay. Those who dont will probably decide to buy a house elsewhere.

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Hi. I'm a Bear. Quite a doomy bear in fact - check my signature...

But these figures are pure poppycock. I'm in Oxford, and if you can show me one of those Osney Island houses reduced from £350k to £70k, I'll have one. I'll pay cash, and I'll slip you a couple of monkey in a brown envelope.

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Times a tad bearish this fine Sunday morn! I have already had 2 Chocholate McVities with my tea this morning and I am feeling very chipper.

10% down already in some areas--forget the sexed up LR report and their puny .6% falls etc:

http://property.timesonline.co.uk/tol/life...icle2144647.ece

Even in the ever-popular southwest, Glebe House, an eight-bedroom, six-reception Victorian property in Chud-leigh, 10 miles from Exeter, on sale with Strutt & Parker, has seen its price fall by £75,000 to £750,000.

What time is it? :lol:

This is only a reduction in the asking price. No data for when it last sold (not since 2000 for sure) so unable to calculate the profit they will make if it sells.

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