Poor Flood Defences -Cambridge ? Will you be able to afford to ...

Flood risk Rating

Cambridge is regarded by the Environmental Agency as being among the most vulnerable towns in the UK to flooding.? When assessing the ?flood risk? level of a town the environmental agency sort towns into three bands:

• Significant: the danger of flooding in any year is in excess of 1.3% (1 in 75)

• Moderate: the potential risk of flooding in any year is 1.3% (1 in 75) or less, but higher than 0.5% (1 in 200)

• Low: the chance of flooding in any year is 0.5% (1 in 200) or less

Cambridg is rated? as having a Significant Flood risk- which puts Cambridge within the top 10% of? flood risk regions in the UK.??? The Flood risk? for Cambridge coming predominantly from?? the Thames and the fact that there are currently poor flood defences in Cambridge.

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So how exactly does this effect Home-owners in Cambridge?

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Currently, nearly? one in six homes in the UK is at risk of flooding.?? The Environmental? Agency figures? show that out of these, 500,000 houses are judged to be a significant risk (likely to rise to over 800,000 by 2035. Properties in Cambridge are included within the 500,000 houses having a ?Significant ? flood risk.

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The? two major causes for such a significant rise in areas considered to be a ?Significant? danger of flooding are? said to be? climate change and the pressure on land use (particularly in the South East)? which means? that more and more new estates are now being built on flood plains.

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Potential risk to the value of Properties in Cambridge.

In 2007 following the horrendous floods, the government came to an agreement with the Insurance Companies in UK to keep down the cost of insurance costs on properties within flood risk areas and? to continue to insure those properties which had suffered flooding.??? In 2013, this agreement might be comming to an end.? This means that premiums on properties within ?flood risk? areas? such as Cambridge will cost a lot more to insure with some house-holders being unable to obtain buildings insurance at all.

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An uninsurable home is a home which will be very hard or else impossible to sell ? no mortgage lender or bank will lend on it and if it can be sold it will sell for a figure well below market value.

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Right now there are signs that insurers are already off-loading problem properties or increasing the premiums and policy excesses in areas such as ?Cambridge Currently there are people reporting that their house insurance cover has increased by sixty-six per cent? and they are required to have excesses of about ?15,000 ? ?20,000.00

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Presently people in certain areas? such as Cambridge are beginning to struggle to find affordable insurance policy for their properties? and the situation will only get worse.

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Cambridge is classed as currently being a location with ?Significant? flood risk ? the signs are that from the year 2013 the cost of insuring property within Cambridge ?will rise significantly.

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When choosing property within? Cambridge it is advisable to ensure that the Conveyancer acting for you has experience in working with properties in flood risk locations and is acquainted with all the related issues.? At iconvey our? Conveyancers are proficient in dealing with properties in flood risk locations such as Cambridge ??our? conveyancers? at iconvey will? ensure that? the right enquiries are raised regarding flood risk.

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