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 Homeowners fear the 'flood effect'
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Tuesday, July 31, 2007 |
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Concerns have arisen that the value of homes affected by recent flooding could fall by as much as 80 per cent in the future, posing a significant problem to homeowners when looking to sell or gain insurance cover...
While most flood-affected households are expected to have their insurance claims paid out this time, it has been speculated that further problems may lay ahead in the future, if insurers are unwilling to cover for future claims.
Homes in flood-risk areas could be difficult to sell, with a lack of ready insurance cover leading to severe decline in overall value.
As such, the Royal Institution of Chartered Surveyors argues that property values in these areas could drop by as much as 80 per cent.
"Buyers need buildings insurance before lenders will grant a mortgage, so uninsurable homes could be rendered unsaleable," a spokesperson told the Times.
"This will have a knock-on effect on the value of the property."
HM Revenue and Customs is seeking to offer aid to homeowners affected by flooding through a new tax helpline while also implementing special allowances regarding taxes and late payments.
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