Waterside properties 'may pose flood risk'
Personal insurance
2nd September 2010
There are downsides to owning a home on the coast in the UK, one expert has claimed.
Although a picturesque location may "override many negative aspects", there can be problems associated with waterside housing, according to the director of the Little House Company.
Nick Marr explained that such properties can often be undervalued by lenders who fail to take the desirability of a location into account.
He also highlighted the risk of paying higher insurance for buildings premiums on waterside homes, adding: "Sea views may mean the property is at risk of corrosion from sea blast and rivers may mean a risk of flooding."
Mr Marr's remarks come after the Post Office Mortgages Homebuyers Report revealed that those seeking to live on the coast are prepared to pay a premium of £20,448 to do so.
However, the most highly-rated feature of a new home was a location close to family, with 24 per cent of respondents willing to pay extra to live in proximity to loved ones.
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