Many Londoners could find it increasingly difficult to sell their homes if they live near to the Thames, if new plans that have been proposed come into force. The new plans will require homeowners who are selling their properties to inform potential buyers of any flood risk. This has been proposed by Sir Michael Pitt, the head of a government enquiry into flooding.

Mr Pitt recently stated that the lack of transparency and clarity from the government meant that people’s belongings, homes, and even their lives were being put at risk. He urged the government to start taking action in order to protect consumers from the risks of flooding. He wants information relating to flood risks to be made part of the Home Information Pack.

At present existing homeowners do not have to provide details over flood risks, which Mr Pitt was concerned about.

He said: ‘Home Information Packs should contain information on flooding as well. Believe it or not, that’s not the case at the moment.’

It is thought that if these proposals are accepted and homeowners have to provide this information, around three quarters of a million homes near the Thames could be affected.

Many homeowners are already struggling to sell their properties due to a lower level of applications from potential buyers that do not want to take the plunge yet due to falling property values, and due to the tighter credit conditions stemming from the global credit crunch, which has made it harder for many people to get mortgages. This latest proposal could make it even more difficult for many to sell their homes, and some could end up having to reduce the asking prices on their homes.

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