As many of you will know firsthand, many areas of the UK have been hit by floods this winter, which has been a nightmare for all involved. However there may be a silver lining to this cloud, report the BBC.
A recent study into house prices shows that there was very little, if any, drop in prices for houses that have suffered flood damage – or indeed reoccurring flooding.
If you look at somewhere like Tewkesbury, you can see that the floods of 2007 did not significantly affect prices. In June 2007, the average property value in this historic market town was £241,821. It dropped slightly to £238,200 in July, the month floods hit - when the average property price in England was £258,855. But the average price stayed consistently around the £240,000 mark for the rest of the year, according to figures collated by property website Zoopla.
Prices in Tewkesbury have dropped since, but not at a vastly disproportionate rate to the rest of England.
Tewkesbury’s average property is now £215,322, and the average value in England is £236,134.