27th February 2014
The British Property Federation has hit out at Prime Minister David Cameron accusing him of only helping the wealthiest home owners with its new affordable flood insurance scheme.
The property industry’s representative body has attacked the scheme for leaving millions of leasehold and private rented homes to sink or swim on the open market.
Responding to reports that the Prime Minister had personally ordered homes in council tax Band H – the most expensive in England – to be included in the Flood Re scheme, the British Property Federation repeated its calls for government to operate the scheme in a way that was fair for all home owners.
Flood Re caps the amount that households will have to pay for buildings insurance. While some homeowners are included, millions are not, including 4m properties in the private rented sector, and several million leasehold properties.
The BPF estimates that there are over 840,000 leasehold properties in flood risk areas in the UK and an estimated that 70,000 of these are at high risk.
Ian Fletcher, Director of Policy at the British Property Federation, says: “It seems incredible that the government would make a concession for one group of well-off homeowners, and yet leave out another less well-off group. This is an issue of basic fairness – all home owners should be treated equally in the Flood Re scheme and have access to affordable cover. It should not matter how wealthy they are, or if they live in a house or a flat. So far as flood cover is concerned we do not appear to be ‘all in this together’.”