House prices and flooding
 

How do you think house prices will be effected by the flooding. It must have some kind of effect. 2 weeks ago North was flooded now its the South and Midlands. Most of the country has been effected in some way.

Do you think
a) Prices will rise as less properties available. Many areas flooded so many houses off market. Supply and demand. People will start chasing fewer houses available causing price rise.

b) Prices will slump as people less willing to buy in flooded areas. Lowering the national avaerage house price. Causing a media frenzy over market crash and people loosing confidence

c) No effect at all as water will dry up and we will be back to normal in 7 days

Flood or no floods, the house prices will drop when I don't have a hole in my arse :D

Its just not going to happen.

Would you buy a house on a flood plain that nobody would insure? I would think properties that fall into this category are bound to lose value.

There'll be some new acronyms develop in Estate Agency speak such as: -

N.I.F.I. - Not in Flood Area

S.B.T.S. - Short Boat to Shops

and, of course,

S.I.A.L. - Sometimes in A Lake


Anyone got any others? :D

The joys of living on a big hill,no chance of Flooding here,so maybe the house price will carry on rising,just like the Floodwater.:D

Very much so, most if not all morgages require the mogtgagee (if there is such a word) to have insurance, no insurance, no morgage so theres a real winner without the fact that people are just not gonna want to buy propertry that gets flooded regularly.

I live on a hill so i am alright Jack!

Not sure on overall prices. Properties that get flooded are unsaleable, its just that simple. Only slightly mad people will buy property that they have found out has flooded.

So if there are large amounts of properties that have flooded, or classed as at risk, then people will be chasing few houses that are ok. This will increase those prices. Overall national average will probably not change.

Time will tell :thumb:

Do you not think Insurance companies already class areas that are more likely for flooding in higher premium bands etc? eg, coastal towns, places in Wales etc etc, if they've flooded this time then its not going to have been the first time ever is it?

Bricks and mortar are bricks and mortar, if some fvcker wants to sell his house then some first time buyers will probably be waiting to snap his hand off with a deposit, simple as that, ppl are desperate these days, and desperate ppl do silly things.

and besides that, how many desperate ppl enquire if the house has been flooded in the past 20 yrs? sounds silly but its probably a question a potential buyer never thinks to ask, unless theres the fvking humber estuary running in the back garden. lol.


and Oh yes, I also live on a hill pmsl, no worries here thank fvck

Solicitors should be saying IF the area is prone to fllooding before you sign your contract.

Or you can check HERE to see if an area is at risk.

Surely houses in a none flood area will go up as less houses available,due to others are more likely to get wet!

flood plain searches, among other items, is a major concern when buying a house. Your solicitor should do this for you always even if you forget to ask.

Just like in Ireland, Spain, US... ;)

I agree prices will rocket forever, especially now with ever-increasing interest rates and rapidly inflating household bills and fuel costs and potentially significant credit tightening by lenders starting to filter in.

Obviously this all combines to mean people can afford to borrow EVEN MORE money to inflate prices further....

....until the waterlogged hill decides to have a nice big landslip due to all the de-forestation that's gone on before :eek:

Not saying it's likely for most but on the A85 in 2004 that's exactly what we were caught up in....houses ruined everywhere and in one of the hilliest areas in Scotland

BBC NEWS | Scotland | Motorists rescued from landslide

Sympathy to all those who have had their houses and businesses wrecked in the current floods :(

Some will probably have structural damage IMO

So, will my house increase in value more quickly because it's well above sea level but still 28 mins from King's Cross etc???

We're OK now (somehow "Safe as Houses" doesn't seem appropriate any more...). BUT I used to live in an area that was classified as at risk from flooding - though it hadn't flooded since 1942 and it hasn't flooded at all over recent years. (Following the war they dredged the river and put in flood defences upstream).

In 2003 most of the high street insurers were refusing to insure it. The only way we got around it when we were selling it is that there's some rule that says that whoever's currently insuring it has to continue to do for the new owners. Doesn't sound right at all - but did the trick!

Slightly off topic, but a few years ago (00-01) you used to be able to buy a house in east manchester (gorton/openshaw) for 1.5k and up :eek:

I'll never forgive myself cos at the time I could of bought 3-4 houses IN A ROW - which are now worth nearly 60-80k :cry:

I heard on the news today that the Government are talking about building new houses to ease demand for housing. THey are going to build them on existing flood planes becausse they say the need for housing outweighs the risk.

Way to go. Bet insurers will be queuing to cover those properties.

I was watching the TV reports with picture of a typical flooded street when I noticed a house with "SOLD" board up. Not enough detail to see whether it had the words "Subject to Contract" but I did feel for some imaginary couple who might have just bought their dream house..........

I guess the silver lining is that they hadn't moved their furniture in so far.

Unless the government are going to underwrite the insurance policies then they can build 'em as council stock only, no insurance, no mortgage in a lot of cases surely?!?

you will not be able to get contencts insurance either so that will be fun.

Saw the minister on GMTV (do not usually watch this as it is the tv equivilant of The Sun) spinning about the lack of spend and taking all the credit for the emergency services who are the ones who deserve the applause in this case - shocking!

It was interesting to watch PM Questions and see Flash giving answers which bore no relation to the question which was asked!

Les

All politicans answer the questions that suit them, directly. The ones that don't, receive no answer whatsoever. I don't think Gordon Brown is at all alone in this regard.

all of the newly built affordable homes down here were mostly bought by people to let out lol what the point in that then, im not against ppl making money but new cheep houses to get people onto the market so to speak and there all bought by people to make money lol so all the newly weds still cant afford a house