House hunters should be given a traffic light-style warning on property websites and adverts to show the risk of flooding, says the Association of British Insurers.
A new survey of over 2,000 UK adults by the ABI found that nine out of ten people agreed flood risk information should be included on material about properties for sale.
Research by the ABI of sales material in 50 of the highest flood risk areas in England and Wales found none included any warnings about flood risk.
The ABI said estate agents and property search websites should automatically provide traffic-light style information indicating flood risk for the locations of the homes they list based on publicly available data from the Environment Agency.
Environment Agency data shows that 2.4 million properties in England are currently at risk of river or coastal flooding, while an additional 3 million properties are at risk of surface water flooding, and 600,000 of these are at risk of both.
ABI director general Huw Evans said a higher risk of flooding also tends to mean higher insurance premiums.
“With one in six homes at risk of flooding, we need to make thinking about flood risk as much part of the home buying process as school catchment areas and transport links. At the moment, information on whether a property is at risk of flooding comes too late, often when people have already invested hundreds if not thousands of pounds in the conveyancing process.
“That’s why we are calling for those who sell properties to include new traffic light warnings on flood risk in a property’s area.”
Mark Hayward, managing director of the National Association of Estate Agents, said: “We absolutely support the ABI’s initiative – buying a house is a massive financial commitment and one of the biggest decisions you have to face in life, so house hunters should have as much information available as possible.”
Floods minister Rory Stewart said: “Flooding can devastate lives, homes and businesses. That’s why we are investing in flood protection at record levels, with an unprecedented six-year commitment of £2.3 billion to better protect an additional 300,000 homes by 2021.
“It is important that everyone has access the right information, including the flood risk in their area, so they can make fully informed decisions when buying a home.”
