Rising rivers, falling prices? The influence of flooding on the property market

Gregory, Christopher (2007) Rising rivers, falling prices? The influence of flooding on the property market. BSc dissertation, University of Portsmouth.

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    Abstract

    This dissertation investigates the effects of the changing climate on the residential property market. The focus of the research will be on the value of houses built on floodplains and consequently at risk of flooding. It investigates the recent changes in the climate, concentrating on the increased rainfalls and higher frequency of devastating floods. It will ascertain whether there is a pattern in accounting for the risk of flooding when houses are valued. It was predicted that the prices of housing at risk of flooding would be worth less than those not at risk. A study was carried out to prove this prediction, concentrating on six areas of Nottingham, three of which were not at risk of flooding and three of which were. Nottingham was chosen, as the river Trent which runs through its centre has a history of causing devastation to its surrounding area. It was proven that houses at risk of flooding were less expensive than those not at risk. To further support this notion of flood risk and its influence on house prices, a questionnaire was complied and posed to residents of Nottingham to determine the level of awareness of the risk and to determine the financial costs sustained by flooding to their property. It was confirmed that they were unaware of the risk when they purchased the property, but soon realised. Financial loss was suffered, most commonly between (pounds)5000 and (pounds)10,000. A questionnaire was also compiled and put to estate agents to determine whether there was a trend in the methods of valuing house at risk of flooding. It was found that property at risk of flooding is identified by either distance to the river, a history of flooding or both, and it is likely to be reduced in value by 6 to 10%.

    Item Type: Dissertation
    Departments/Research Groups: ?? EDAM ??
    Depositing User: Jane Polwin
    Date Deposited: 20 Jan 2011 12:48
    Last Modified: 28 Jan 2015 11:14
    URI: http://eprints.port.ac.uk/id/eprint/424

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