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Flood risk and the consequences for housing of a changing climate: An international perspective

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Abstract

Global warming is likely to increase the frequency and severity of floods due to the combined effects of increased precipitation, storminess, distorted regional weather patterns and rising sea levels. Damage to properties, temporary displacement of flooded populations and climate migration will pose major challenges for housing systems. This article explores the implications of increased flood risk for housing systems, by examining the reasons why flood risk is likely to be a growing factor in determining both the future demand for, and supply of, housing. In particular, the study investigates how flood risk will affect house prices, insurance, mortgage lending, displacement and climate migration, and further reflects on adaptation strategies.

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Notes

  1. A 100-year floodplain refers to areas with a 1 per cent chance of being flooded in any given year.

  2. Markets could be better informed in future because of widespread use of risk-based insurance premiums, media coverage and government regulation. For example, some have argued that government should require house sellers to provide potential buyers with information on flood risks (HoC, 2010, p. 33).

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Acknowledgements

This research was funded by the EPSRC Community Resilience to Extreme Weather project and forms part of the Extreme Weather Event Socio-Economic Model workstream of that project. We are grateful to the comments of the anonymous reviewers. Any remaining errors are our own.

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  1. 25 Bute Gardens, Urban Studies, School of Social and Political Sciences, University of Glasgow, Glasgow, G12 8RS, UK

    Gwilym Pryce & Yu Chen

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  1. Gwilym Pryce
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Correspondence to Gwilym Pryce.

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Pryce, G., Chen, Y. Flood risk and the consequences for housing of a changing climate: An international perspective. Risk Manag 13, 228–246 (2011). https://doi.org/10.1057/rm.2011.13

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