Would you buy a property on a flood plain to live in your dream home following the recent bad weather that has seen large swathes of the UK under water?
A new survey by online estate agent HouseSimple.com has found that one in four buyers would be prepared to live on a floodplain if it was their dream property. However, two-thirds of this number would want a discount the property of at least 21%.
Alex Gosling, CEO of HouseSimple.com, said: “We’ve all seen in vivid detail just how devastating the floods have been over the past month. Flooding seems to becoming a more regular occurrence, and prospective buyers are likely to be more aware of the risks associated with buying a property on a flood plain than maybe they have been in the past. Homeowners looking to sell a property on a known flood plain may well need to be willing to discount hard if they want to secure a quick sale.”
HouseSimple questioned people to find out what blights they would be prepared to put up with if it meant they could live in their dream property, or if it was the only one they could afford – and what discounts they would want to see on the asking price.
Respondents were asked whether they would buy a home next to one of 17 undesirable locations, including a prison, a rubbish tip, a busy school and an electricity pylon.
The study found that less than a fifth (16%) said they would buy near or next to a rubbish tip and of those who would, more than a third (37%) said they expected a discount of at least 31%.
Meanwhile, almost half of those polled (48%) said they would consider a property on a flight path, while only 36% said they would be prepared to buy a place next to a prison.
Buyers were less concerned about wind turbines or solar panels, or living next to a school or above a restaurant or take away.
“It’s no surprise that living next to a rubbish tip came out at the bottom of the heap. Anyone selling a home blighted by rubbish smells will need to sweeten the deal with a substantial discount, as buyers clearly choose with their heart, head and nose,” said Gosling.
“No-one necessarily wants to live next door to a rubbish tip or under a busy flight path, but sometimes budget constraints mean that might be the only option, particularly if you want to buy your dream property or you’re a first time buyer.
“If you are buying a property that is in an undesirable location, make sure you do your research. The last thing you want to do is buy something that you regret buying soon after and then struggle to sell. Saying that, at the right price, you could get far more for your money than you would a few streets away, if you’re willing to compromise on the undesirability of the location.”
Table showing blights people would be willing to live near
| Blight | % of people would live near or next to | % discount they would expect | |||||
| None | Up to 5% | 6-10% | 11-20% | 21-30% | 31%+ | ||
| In view of another property with solar panels | 87% | 47% | 32% | 11% | 5% | 5% | 0% |
| In viewing distance of a wind turbine | 84% | 38% | 38% | 10% | 14% | 0% | 0% |
| By a school | 76% | 43% | 24% | 24% | 5% | 0% | 5% |
| Above a restaurant or take away | 68% | 37% | 23% | 15% | 10% | 15% | 0% |
| Railway line | 64% | 5% | 27% | 20% | 23% | 10% | 15% |
| By derelict land | 64% | 15% | 21% | 11% | 15% | 16% | 22% |
| Mobile phone mast | 60% | 10% | 21% | 19% | 20% | 10% | 20% |
| By a main road or motorway | 60% | 5% | 35% | 30% | 5% | 5% | 20% |
| Flight path | 48% | 5% | 19% | 11% | 26% | 19% | 20% |
| By an electricity pylon | 48% | 10% | 14% | 25% | 16% | 10% | 25% |
| By a pub or club | 48% | 10% | 25% | 20% | 25% | 10% | 10% |
| By an electrical substation | 48% | 11% | 33% | 6% | 6% | 22% | 22% |
| By a power station | 48% | 11% | 18% | 4% | 22% | 11% | 33% |
| By a prison | 36% | 0% | 20% | 0% | 15% | 15% | 50% |
| Near a cliff | 36% | 5% | 11% | 14% | 10% | 10% | 50% |
| On a flood plain | 24% | 0% | 12% | 8% | 15% | 15% | 50% |
| By a rubbish tip | 16% | 0% | 16% | 5% | 11% | 32% | 37% |
