UK property: Weather issues could deter buyers and drive down value by 20%

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Due to dramatic changes in the weather system resulting from climate change, some homes across Britain are now prone to serious environmental issues, such as the risk of flooding, subsidence and erosion. A recent study by First Mortgage found that half of potential buyers withdrew from buying a property due to weather related issues.

The results prompted experts to issue a warning to potential homeowners to ensure they perform vital checks on properties before making an offer.

David McGrail of First Mortgage, a leading mortgage broker, advised potential buyers to appoint a qualified specialist to examine both a property and its surroundings to identify any potential environmental risk.

He said: “If a buyer believes their potential property might be exposed to environmental factors such as flooding, erosion or be at greater risk from extreme weather conditions, they should hire a specialized surveyor to make sure. that the property is properly constructed for this and whether they need specialized insurance.

The results of the study showed that for 40% of Britons, climate change played an important role in determining where they choose to live.

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While the majority of people look for common issues like humidity when viewing properties, research has shown that only a third would know if homes are prone to extreme weather conditions or are protected from damage. water.

According to the study, a third of people said they would appoint an independent expert to assess whether their home required special insurance.

Due to the growing risk of weather-related issues, calls have been made for environmental issues, such as the risk of flooding, pollution, subsidence and soil contamination, to be included in standard property surveys. , instead of homebuyers having to cover expensive licensed surveyors.

Research has suggested that serious structural issues such as sagging could potentially reduce property value by 20%.

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McGrail said: “Climate change is something we cannot deny, and it is indeed impacting the health of our homes and the potential housing market.

“As we saw recently in London, flooding is becoming more and more of a problem, not only in rural areas near rivers, but also in towns and villages.

“Climate change will have an impact on future mortgage applications and when you consider that sagging can reduce the value of a house by 20%, or around £ 50,000 off the average price of a house, it can have an impact, and even make you more at risk of negative equity.

Severe flooding has wreaked havoc across Europe in recent weeks, killing dozens in Germany and Belgium as a result of the disaster.

Severe flooding has wreaked havoc across Europe in recent weeks, killing dozens in Germany and Belgium as a result of the disaster.

European leaders attributed climate change to the floods, which affected other countries in Europe, including Switzerland and the Netherlands.

In China’s Henan Province, the death toll is believed to have risen to more than 300, following severe flooding last month.

The city experienced a year of rain in just three days.


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