The impact of flooding on the value of residential property in the UK

2.50
Hdl Handle:
http://hdl.handle.net/2436/31427
Title:
The impact of flooding on the value of residential property in the UK
Authors:
Lamond, Jessica Elizabeth
Abstract:
Flooding of residential property is a real and growing phenomenon in the UK causing short and long-term detriment of various kinds to its victims. The issue of potential decrease in value of those properties which are located on the floodplain, though much discussed in the media, has received scant attention in the UK research literature. An extensive literature survey has revealed a need for methodological innovation in the field of temporal impact of flooding and the inadequacy of the current paradigms for inclusion of insurance into flood modelling. A wide-ranging review of data sources, including discussion with industry experts, has identified the requirement to generate primary data on the availability and cost of flood insurance. A novel framework has been developed for this research. This framework is an extension of the recent research in flood modelling and incorporates ideas from the wider house price analysis literature. Data collected via a questionnaire survey of householders has been combined with secondary data on property prices and flood designation in order to attribute any loss in property value to the correct vector of underlying flood status. The output from this study makes a contribution to the understanding of the impact of flooding on house prices, allowing for better valuation advice. Empirical findings are that the understandable concerns of residential property owners at risk of flooding regarding long term loss of property value are largely unfounded. Price discounts are observed for some recently flooded areas but they are temporary Improved appreciation of the impact of claims and flood risk on the cost of insurance has also emerged. The insurance market was not found to be instrumental in reducing the price of property. The output from the study also makes a methodological contribution in extending concepts relating to the relationship between flooding, insurance and house prices. This development is anticipated to facilitate refinement and updating of the empirical findings with reduced effort in the light of future events.
Advisors:
Proverbs, David G.; Hammond, Felix Nikoi; Antwi, Adarkwah
Publisher:
University of Wolverhampton
Issue Date:
2008
URI:
http://hdl.handle.net/2436/31427
Type:
Thesis or dissertation
Language:
en
Description:
Submitted in partial fulfilment of the requirements of the University of Wolverhampton for the degree of Doctor of Philosophy (PhD)
Appears in Collections:
E-Theses

Full metadata record

DC FieldValue Language
dc.contributor.advisorProverbs, David G.-
dc.contributor.advisorHammond, Felix Nikoi-
dc.contributor.advisorAntwi, Adarkwah-
dc.contributor.authorLamond, Jessica Elizabeth-
dc.date.accessioned2008-07-09T13:52:13Z-
dc.date.available2008-07-09T13:52:13Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/2436/31427-
dc.descriptionSubmitted in partial fulfilment of the requirements of the University of Wolverhampton for the degree of Doctor of Philosophy (PhD)en
dc.description.abstractFlooding of residential property is a real and growing phenomenon in the UK causing short and long-term detriment of various kinds to its victims. The issue of potential decrease in value of those properties which are located on the floodplain, though much discussed in the media, has received scant attention in the UK research literature. An extensive literature survey has revealed a need for methodological innovation in the field of temporal impact of flooding and the inadequacy of the current paradigms for inclusion of insurance into flood modelling. A wide-ranging review of data sources, including discussion with industry experts, has identified the requirement to generate primary data on the availability and cost of flood insurance. A novel framework has been developed for this research. This framework is an extension of the recent research in flood modelling and incorporates ideas from the wider house price analysis literature. Data collected via a questionnaire survey of householders has been combined with secondary data on property prices and flood designation in order to attribute any loss in property value to the correct vector of underlying flood status. The output from this study makes a contribution to the understanding of the impact of flooding on house prices, allowing for better valuation advice. Empirical findings are that the understandable concerns of residential property owners at risk of flooding regarding long term loss of property value are largely unfounded. Price discounts are observed for some recently flooded areas but they are temporary Improved appreciation of the impact of claims and flood risk on the cost of insurance has also emerged. The insurance market was not found to be instrumental in reducing the price of property. The output from the study also makes a methodological contribution in extending concepts relating to the relationship between flooding, insurance and house prices. This development is anticipated to facilitate refinement and updating of the empirical findings with reduced effort in the light of future events.en
dc.language.isoenen
dc.publisherUniversity of Wolverhamptonen
dc.subjectFlooden
dc.subjectPropertyen
dc.subjectValuationen
dc.subjectInsuranceen
dc.subjectHouse priceen
dc.subjectRepeat salesen
dc.subjectRisken
dc.subjectBehaviouren
dc.titleThe impact of flooding on the value of residential property in the UKen
dc.typeThesis or dissertationen
dc.type.qualificationnamePhDen
dc.type.qualificationlevelDoctoralen
All Items in WIRE are protected by copyright, with all rights reserved, unless otherwise indicated.