Jessica Lamond Jessica.Lamond@uwe.ac.uk
College Dean for Research & Enterprise
The impact of flood insurance on residential property prices: Towards a new theoretical framework for the United Kingdom market
Lamond, Jessica; Proverbs, David; Antwi, Adarkwah
Authors
David Proverbs
Adarkwah Antwi
Abstract
The supposition that the availability and cost of insurance will have an effect on house prices is often accepted as fact. However the mechanism for this supposed impact has not been clearly articulated and the hypothesis is far from proven in the UK market. Measurement of the effect of insurance is complicated by the fact that the parties are acting in the presence of incomplete information and that insurance costs can act as a proxy for other value drivers such as flood risk. Models useful in other countries cannot be applied sensibly to the UK market because of the unique properties of the UK insurance regime. Novel hypotheses are suggested for the three principal ways in which the availability and cost of insurance might influence the prospective property transfer. A method for testing one of these hypotheses is proposed using a quasi-experimental approach with the aim of determining whether a relationship between insurance cost and house price does indeed exist. © 2007, Emerald Group Publishing Limited
Citation
Lamond, J., Proverbs, D., & Antwi, A. (2007). The impact of flood insurance on residential property prices: Towards a new theoretical framework for the United Kingdom market. Journal of Financial Management of Property and Construction, 12(3), 129-138. https://doi.org/10.1108/13664380780001099
Journal Article Type | Article |
---|---|
Publication Date | Dec 1, 2007 |
Journal | Journal of Financial Management of Property and Construction |
Print ISSN | 1366-4387 |
Electronic ISSN | 1759-8443 |
Publisher | Emerald |
Peer Reviewed | Peer Reviewed |
Volume | 12 |
Issue | 3 |
Pages | 129-138 |
DOI | https://doi.org/10.1108/13664380780001099 |
Keywords | flood insurance, property price, flood risk, property value |
Public URL | https://uwe-repository.worktribe.com/output/1023339 |
Publisher URL | http://dx.doi.org/10.1108/13664380780001099 |
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