Research by the Royal Institute of Chartered Surveyors suggests some £200bn worth of residential and commercial property across the UK is at risk of coastal or river flooding.
Some 1.7 million homes and 130,000 commercial properties are at risk of shedding up to 40% of their value as a direct result, the research suggests. Most RICS members surveyed for the results suggest falls of between 12% to 15% in the value of property could be expected on average, if a property is identified as at risk. The research comes as prime minister Tony Blair has put climate change at the top of the agenda for the next G8 summit and for the UK’s presidency of the EU next year. Lenders such as Norwich Union have already been upgrading and improving computer modelling softwa...
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