Flood risk Rating
Boston Lincs is regarded by the Environmental Agency as being amongst the most vulnerable towns in the UK to flooding. When assessing the ‘flood risk’ status of a town the environmental agency separate out towns into three groups:
- Significant - the flood risk in any year is greater than 1.3% (1 in 75)
- Moderate - the possibility of flooding in any year is 1.3% (1 in 75) or less, but higher than 0.5% (1 in 200)
- Low - the flood risk (chance of flooding) in any year is 0.5% (1 in 200) or less
Boston Lincs is ranked as having a Significant Flood risk - which puts Boston Lincs within the top 10% of flood risk areas in the UK. The Flood risk for Boston Lincs coming predominantly from the River Witham and the fact that there are currently not sufficient flood defences in Boston Lincs.
So how exactly does this Flood Risk effect Home-owners in Boston Lincs
Currently, approximately 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 considered to be a significant flood risk (expected to rise to in excess of 800,000 by 2035. Properties in Boston Lincs are included within the 500,000 houses having ‘Significant ‘ flood risk.
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 increasingly being built on flood plains.
Risk to the value of Properties in Boston Lincs
In 2007 after the horrendous floods, the government arrived at an agreement with the Insurance Providers in UK to help keep down the cost of insurance premiums on properties within flood risk areas and to continue to insure those properties which had suffered flooding. In 2013, this agreement could be coming to an end. This means that premiums on properties within ‘flood risk’ areas such as Boston Lincs will cost a lot more to insure with some householders not being able to acquire buildings insurance policies at all.
An uninsurable household is a home which will be really difficult or even 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.
Currently there are signs that insurance companies are already off-loading problem properties or increasing the premiums and policy excesses in areas such as Boston Lincs due to flood risk Currently there are people reporting that their house insurance cover has increased by two thirds and they are forced to have excesses of around £15,000 - £20,000.00
Currently people in particular areas such as Boston Lincs are starting to struggle to find affordable insurance cover for their properties and the problem will only get worse.
Boston Lincs is categorised as currently being an area with ‘Significant’ flood risk - the indications are that from 2013 the price of insuring property within Boston Lincs will rise significantly.
When buying property within Boston Lincs it is important to be sure that the Conveyancer acting on your behalf has experience in dealing with properties in flood risk areas and is accustomed to all the related issues. At iConvey our Conveyancers are proficient in dealing with properties in flood risk locations such as ,Boston Lincs our conveyancers at iConvey will ensure that the right enquiries are raised regarding flood risk.