77% of buyers refuse to buy a flood risk property
Despite 4.7 million English homes facing flood risk
New research from Lyons Bowe has revealed that 77% of homebuyers would not consider purchasing a property in a flood risk area, despite more than 4.7 million homes across England currently being deemed at risk of flooding. The findings come as the Government launches a new flood taskforce amid growing concerns about the UK’s preparedness for increasingly severe weather and the potential for further flooding.
Lyons Bowe surveyed 1,000 UK homebuyers to gauge sentiment towards buying in a flood risk area, and also analysed the most recent available data on residential flood risk in England, examining the number of homes at risk from river and coastal flooding, as well as surface water flooding.*
The survey findings highlight just how firmly flood risk remains on the list of homebuying deal-breakers. With 77% of prospective buyers saying they would rule out a property in a flood risk area, concerns about the potential financial and practical consequences of flooding appear to be having a significant influence on purchasing decisions.
These concerns are understandable. The Government’s decision to establish a new flood taskforce reflects the growing importance of preparing for extreme weather, with storms and flooding among the key challenges facing the country.
There is also recent history to reinforce buyers’ concerns. Since winter 2023, an estimated 11,300 homes have been flooded across the UK, following seven named storms.
However, Lyons Bowe’s analysis of the most recent available data suggests that avoiding flood risk properties altogether could prove more difficult than many buyers anticipate.
More than 4.7 million homes in England are currently deemed to be at risk of flooding, equivalent to 18.3% of the country’s entire dwelling stock.
Of these properties, just over 2 million are at risk from rivers or the sea, while the remaining 2.7 million face a risk from surface water flooding. This means flood risk is not confined to homes in obvious coastal or riverside locations.
With such a substantial proportion of housing stock falling within a flood risk area, some buyers who would ordinarily rule out these properties may find themselves having to reconsider their position.
However, in doing so, 59% of buyers say they would expect to receive a significant price discount compared to an otherwise comparable property in a non-flood risk area.
Evidence of protection and reassurance around the property’s individual circumstances could also influence purchasing decisions. One in five buyers (20%) say evidence of effective flood defences would make them feel more comfortable proceeding, while 19% would take some comfort from a professional flood risk assessment.
However, reassurance will not be enough for everyone, and 50% of buyers say they would immediately pull out of a property purchase if their conveyancer discovered that the home was located in a flood risk area.
Paul Lyons, Managing Director at Lyons Bowe Solicitors, commented:
“With millions of homes across England falling within a designated flood risk area, buyers may need to face the reality that flood risk is something they cannot always avoid when searching for a property.
However, it is important to understand that a flood risk designation does not automatically mean that a property will flood in the future. These classifications are there to ensure buyers have access to all the relevant information about a property before making what is likely to be one of the biggest financial commitments of their lives. They are an important part of the due diligence process, not necessarily a reason to walk away.
The key is understanding what that designation actually means for the individual property. There can be considerable differences in the nature and extent of flood risk, the local environment, the effectiveness of existing flood defences and the measures that may be in place to mitigate potential problems.
That is why having an experienced conveyancer on your side is so important. Ideally, you want someone with an intimate knowledge of the local area, who understands the realities behind flood risk designations and can help you make sense of the information being presented to you.
Ultimately, buying a property in a flood risk area should never be a decision taken lightly, but neither should it automatically be ruled out. The important thing is to have the right information, the right professional advice and a clear understanding of the risks before deciding whether to proceed.”
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