Mapping community knowledge of vulnerability of value: A case study in the UK
Free (open access)
Volume 5 (2015), Issue 3
266 - 279
N. BHATTACHARYA-MIS & J. LAMOND
Commercial property value can be vulnerable to risk exposure, economic effects of risk on property and perception of usefulness of the property in the market. The processes of decision making in risk reduction can generate differential exposure to risk making some organisations more vulnerable than others. This research deals with understanding exposure of property value to flood risk in a selected case study area in Wakefield, England. The work constitutes identification of variables that analyses the business vulnerability of organisations and presenting them through an operational framework. The operational framework is then practically tested in the field using the questionnaire survey method. The results from the survey show the differential attitude of respondents with varying levels of knowledge and occupational experience towards specific factors associated with flooding that may affect property value. However, a tendency can be observed for flooding and its effects to be taken more seriously in peoples’ perception. It was difficult to observe direct evidence of effect of flooding on commercial property price or rent, but it can be noticed that respondents from all flood hazard zones recognised flooding as an issue of concern and emphasised problems of ‘loss of income’ and the requirement for ‘cheap and easily available insurance’.
conceptual framework, flood, perception, risk, vulnerability, value