Many people could find it even more difficult to sell their homes

A recent report has shown that many homeowners in the London area could find it increasingly difficult to sell their homes in the near future, as a result of new plans that may be introduced to force homeowners to inform potential buyers about the risk of flooding. It is already very difficult for many homeowners to sell their properties due to problems in the mortgage and housing markets, and this could matters even worse for many more.

Reports suggest that if the plans are put into action around three quarters of a million homeowners living around the Thames could be adversely affected. Those that live below the tide line near to the Thames could find that this scuppers their chances of selling the home, or at least wipes a fair amount off the value of the property.

Sir Michael Pitt, who is the head of a government enquiry into flooding, has said that the lives of people are being put in danger because there is no clarity or transparency from authorities. He wants the government to take further action with regards to flooding in order to protect consumers and their homes from the risks of flooding.

Pitt has also said that he thinks that information with regards to the risk of flooding for properties should be included in the controversial Home Information Packs. Whilst a range of information and documentation is currently included in the HIP homeowners do not have to provide information on the risk of flooding. Mr Pitt said: ‘Home Information Packs should contain information on flooding as well. Believe it or not, that’s not the case at the moment.’

Property values in the UK have tumbled already in many areas, with prices having fallen for many months in a row, although they are still higher than they were two or three years ago. However, this could see even more wiped off the value of affected homes according to many industry officials.

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Tags: housing markets, flooding, risk, United Kingdom, housing, mortgage