The recent flooding around the country has woken people up to the real risks posed by being on a flood plain. A new piece of research found that one in four people would be put off a property if they discovered that it was on a flood plain. In terms of off-putting locations, it's second only to being next to a rubbish tip.
The research, by online estate agents housesimple.com, asked people whether they would consider buying a blighted property - and how much of a discount they would expect. Unsurprisingly given the recent floods, being on a flood plain was one of the biggest concerns.
Alex Gosling, CEO of HouseSimple.com comments: "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."
The ten worst blights (and the percentage that would buy there)
1. Near a rubbish tip - 16%
2. On a flood plain - 24%
3= Near a cliff susceptible to erosion 36%
3= By a prison 36%
5. By a power station 48%
5= By an electrical substation 48%
5= By a pub or club 48%
5= By an electricity pylon 48%
5= On a flight path 48%
10= By a main road or motorway 60%
10= By a mobile phone mast 60%
In the case of the rubbish tip, flood plain, cliff, prison and power station, when asked how much of a discount they would need in order to tempt them to buy a blighted property, the most popular answer was 30%.
It goes to show that these are the most off-putting features for the largest numbers - so if you are considering buying a property with any of these blights, it would pay to negotiate hard.
Other things were Marmite issues. Flight paths in particular divided those surveyed. While only 48% of people would be put off by a flight path, of those who didn't like the idea, when asked how much of a discount they would need in order to consider it, by far the most common answer was 30% or more.
Not so bad
It goes to show that not everyone is equally bothered by blights. It means that if you are on a tight budget, and looking for a bargain, it's worth thinking very carefully about those things you don't mind that others might. If, for example you're one of the 36% who don't have any qualms about living next to a cliff that has seen erosion - or a prison - then you could snap up a real bargain if you focus your search.
There's also good news for some people who may be concerned they are in a blighted property. A number of things that are traditionally considered as negatives, didn't seem to be too off-putting. Some 87% of people would consider buying a property within sight of solar panels, 84% would buy in viewing distance of a wind turbine, 76% would buy by a school, and 68% would buy above a takeaway or restaurant. When asked how much of a discount people would expect in order to buy in any of these places, the most common answers for them all were between 5% and nothing at all.
But what do you think? Would you buy a blighted property? Let us known the comments.