Is Climate Change Impacting The Value Of Your Home?
Coastal properties have long been a popular choice thanks to their proximity to the beach, their sea views, and their more relaxed lifestyle. However, with climate change becoming an increasing concern, are the values of homes near the coast being affected?
If you’re selling a property near the sea, you may be worried that your home’s value is being impacted by the effect of climate change on coastal erosion, so the team here at Properly have done some research to find out more about whether there’s any cause for concern.
High Demand For Coastal Locations
Far from a reduced demand for homes in coastal locations, recent research has shown that the values of seaside properties have actually risen by more than £19,000 over the past couple of years. With more people reporting a higher quality of life when living by the sea, it isn’t too surprising that there are many people who are keen to relocate and enjoy the benefits that coastal living has to offer.
Potential Issues For Coastal Homes
Despite demand still being high for coastal homes, it’s essential to understand the possible issues that could arise. Flooding and coastal erosion are being made worse due to climate change. This can cause significant problems for homeowners, only adding to the home maintenance issues that arise due to the increased levels of salt in the air and higher exposure to inclement weather. For anyone selling a home in a coastal area, these risks must be borne in mind during the process of determining an appropriate asking price.
Will Coastal Flooding Reduce Property Prices In The Future?
Erosion of the coastline is especially problematic in certain areas, and the government has warned that by 2080 up to 1.5 million homes in England could be in an area that presents a major risk of coastal flooding as the sea level continues rising. Eroding coastlines are set to threaten around 100,000 properties. With warnings that the sea level may increase by as much as three feet within our children’s lifetimes, protecting the entire English coastline in its current state will be impossible.
Fortunately, the government claims it’s on track to provide increased coastal erosion and flooding protections, having introduced a 6-year programme in 2021 to create more infrastructure and places that are climate resilient. About 2000 government schemes are in the pipeline, with more than £5 billion being invested in protecting 336,000 properties.
Can Coastal Erosion Be Slowed Down Or Prevented?
The government says it is committed to taking action to protect those who own properties in these at-risk areas and mentions strategies like strategic vegetation planting, groyne installation, installation of geosynthetic tubes, beach nourishment, and the construction of breakwater and saline stone packaging structures.
If you’re selling a home by the sea, you’ll be pleased to learn that coastal properties are still in high demand.
The team here at Properly are expert in the property market and can help you find the ideal buyer for your property.
Get in touch today at [email protected] or on 0207 459 4400 to find out more.
