Property sales higher in flood risk areas

Property sales higher in flood risk areas

5.4% more transactions than national average in high-risk areas

Areas with high flood risk* saw 5.4% more property transactions than the UK average since 2013, according to new research released today from Groundsure.

Groundsure used Land Registry and Environment Agency data in order to compare levels of property activity within river and coastal flood risk areas** to those with none. The research also found that areas with low to moderate flood risk saw 2% greater activity than those without.

Flood risk is a growing issue, with Environment Agency data for the last 50 years showing a steady increase of events. Records also indicate that summer flooding is on the rise with the 10-year average of events reaching a 50 year high of 12.9*** per year in 2014. Summer events have recently affected 8 areas of the UK, where The Environment Agency have issued flood alerts.

Dan Montagnani, Managing Director at Groundsure said: “Despite anticipated difficulty in selling properties prone to flooding, relatively high turnover is seen, suggesting that flood risk may have a negative effect on the long-term enjoyment of a property. This highlights a possible lack of homebuyer awareness.”

Montagnani added: “The trend for the last 50 years would suggest that, in future, areas at risk are likely to encounter more incidents than they have in the past. It’s recommended to listen to advice from the Environment Agency and we’d strongly advise any new home owners to fully understand and deal with any flood risks before they buy.”

As well as flood risk assessments, Groundsure works to help solicitors, homebuyers, businesses, consultants, surveyors and lenders make more informed property-transaction decisions. They offer precise, up-to-date environmental-report data and expert insight and opinion.

*All references to “Risk” refer to risk as defined by the Environment Agency’s ‘Risk of Flooding from Rivers and Sea’ (RoFRaS) dataset, and specifically the postcode release.

**Groundsure used Land Registry data detailing residential property transactions and split this by different levels of river and coastal flood risk. The number of households in these areas (taken from census data) was then used to normalise the data to allow statistical comparison. The resulting percentage is essentially the number of property sales per household.

***This figure has been bolstered by summer floods in 2012 and particularly in 2007, but had previously remained largely between 1 and 5 over the last 50 years.

This article was submitted to be published by Groundsure as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

Groundsure

http://www.groundsure.com/

 

 

 

 

 

Giving customers confidence and clarity, in land and property transactions.

The smartest land and property decisions rest on location intelligence from Groundsure.

Groundsure is a UK authority on environmental risks including land contamination, flooding and ground stability. It provides high value, property-specific opinions, and analysis of land use based on the leading datasets that it collects and curates.

Groundsure helps a range of individuals and businesses make fully informed property transaction decisions including:

  • Solicitors
  • Conveyancers
  • Property Lawyers
  • Property Support Lawyers
  • Financial institutions/Building societies/Lenders
  • Homebuyers
  • Developers

Groundsure turns data into practical, actionable insight. Its customers feel confident and able to understand that data and what it means for them, helping them make property decisions and advise their clients with confidence and clarity. To ensure Groundsure delivers the most up to date environmental data it partners with leading data, mapping and technology providers including but not limited to the Environment Agency, Ordnance Survey, the British Geological Survey and Ambiental.

 

Delivering industry best practice

We believe in following solid and honest business principles and industry best practice. We are committed to delivering market-leading products and customer excellence. We deliver this by following stringent operational processes for every aspect of our business, whether that’s our Data Governance Council or our Senior Management Boards through to delivering customer excellence every day.

As a result of our firm belief in the importance of accurate and reliable data governance Groundsure is a founding member of the Conveyancing Information Executive (www.conveyinfoexec.org).

Partnerships

We continually support, and learn from, our own community of approved Groundsure property-search resellers. This way we can guarantee their sales and customer-service teams know every aspect of our products and services. And we can know these offerings are 100% fit for their client’s needs, providing more empowering data and opinion, and enabling exceptional due diligence.

Key Services

Contact: Dave Phillips
Email: [email protected]
Tel: 08444 159 000

Address
Groundsure Ltd.
Sovereign House,
Church Street,
Brighton
BN1 1UJ

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