40% loss for homes prone to flooding

People living in a property which is at risk from flooding could see the value of their home drop by up to 40 per cent, a report claimed today.

Around 1.7 million homes and 130,000 commercial properties in England are thought to be at risk from river or coastal flooding, with many more at risk from flash floods.

The report by the Royal Institution of Chartered Surveyors (RICS) said that around 1.5 per cent of the country was at risk from flooding from the sea, while 7 per cent was likely to flood at least once every 100 years from rivers.

RICS spokesman David Brooks said: "Valuations will depend on market perceptions of how long it will take to sell vulnerable properties, how much they are likely to be in demand and how easy it is for people to insure them and secure a mortgage."

RICS said estate agents should be responsible for highlighting any flood risk to potential buyers. The public should be given more information on flooding so they could assess the vulnerability of their homes, it said.

The institution also called for pressure be put on the Government to further improve flood defences, while those with at-risk properties should seek advice on how to minimise the impact of flooding on their home.