Money News
Hometrack, the housing intelligence business, has launched a new flood risk assessment tool for residential property portfolios.
Using a combination of proprietary flood data in conjunction with Hometrack's automated valuation model, users can now run their portfolios through specific scenario tests such as the likelihood and damage to residential properties if a river should burst its banks or heavy rain fall in a specific area - at letter box level. Outputs can be viewed in either data or mapping format.
The screening of portfolios for flood risk can be instantly assessed enabling any user to obtain a complete review in a matter of hours.
According to the Environment Agency some 5 million people living in 2 million properties across England and Wales are at risk of flooding. Last summer the country experienced the wettest May to July since records began, resulting in some 49,000 households being flooded.
As Oliver Hughes Hometrack's Director of Capital Markets puts it: "It is becoming increasingly important for all holders of residential property and property risk to identify those properties subject to the greatest risk of flooding.
"A flood damaged house will see a sharp drop in value and in many cases will be unsellable until it has been made good. Being able to identify those properties at the greatest risk will enable more efficient portfolio management, a better understanding of value at risk and an opportunity to manage and divert such risk before it is too late."
23 January 2008 © Moneyextra.com
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