Flood Risk Rating

Cambridge is rated by the Environmental Agency as being one of the most vulnerable towns in the UK to flooding. When assessing the ‘Flood Risk’ level of a town the environmental agency separate out towns into three bands:

• Significant Flood Risk: the chance of flooding in any year is in excess of 1.3% (1 in 75)
• Moderate Flood Risk: the potential risk of flooding in any year is 1.3% (1 in 75) or less, but more than 0.5% (1 in 200)
• Low Flood Risk: the chance of flooding in any year is 0.5% (1 in 200) or less

Cambridge is rated as having a Significant Flood Risk- which puts Cambridge within the top 10% of Flood Risk areas in the UK. The Flood Risk for Cambridge coming primarily from the Thames and the fact that there are currently not sufficient flood defences in Cambridge.

How does the Flood Risk effect Home-owners in Cambridge?

Currently, nearly one in six homes in the UK is in a Flood Risk Area. The Environmental Agency figures show that out of these, 500,000 properties are judged to be a significant flood risk (likely to rise to in excess of 800,000 by 2035. Properties in Cambridge are included within the 500,000 homes having a ‘Significant ‘ Flood Risk.

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

Potential risk to the value of Properties in Cambridge

In 2007 soon after the horrendous floods, the government came to an agreement with the Insurance Companies in UK to help 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 could be comming to an end. This means that premiums on properties within ‘Flood Risk’ areas such as Cambridge will cost more to insure with a few home-owners being unable to acquire buildings insurance coverage at all.

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

Presently there are indications 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 has risen by two thirds and they're required to have excesses close to £15,000 - £20,000.00

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

Cambridge  is classified as being a location with ‘Significant’ Flood Risk - the signs are that from the year 2013 the price of insuring property within Cambridge will increase considerably.

When choosing property within Cambridge it's important to be sure that the Conveyancer acting on your behalf has experience in dealing with properties in Flood Risk locations and is accustomed to all the related issues. At iconvey our Conveyancers are experienced in dealing with properties in Flood Risk areas such as Cambridge our conveyancers at iconvey will ensure that the right enquiries are raised regarding Flood Risk.