Additionally, the number of households at substantial risk of flooding in the UK is set to rise by 24% over the next 30 years, while 36,000 properties will be exposed to extreme winds by 2070. 

It’s a very sobering message, but one that we all need to take into consideration from a risk management perspective when it comes to property transactions.  

We are already working with insurers and mortgage lenders in industry to consider the impacts of climate change by using modelled data intelligence.  Having access to modelled data helps to inform investment decisions for mortgage origination and decisioning.  

We believe it is time for this data to be readily available to homebuyers – and existing owners – to understand their future exposure to hazards posed by the changing climate.  In doing so, resilience to these growing threats can be increased and, importantly, helps bridge the gap between the information influencing mortgage decisions and that which a homebuyer can currently access.  

In October 2021, the Law Society published its Climate Change Resolution, which outlined the role solicitors can play in addressing the climate crisis. This included a call to action to develop a climate-conscious approach to legal practice.  

As I see it, this all points towards a transformational change within the industry that seeks to ensure that the key stakeholders within all property transactions – particularly the homebuyer – truly understand the impacts that climate change might have in the future. This will help to normalise conversations on climate change, and assist people in comprehending what the impacts may look like. 

Crucially, what this means is that, like mortgage lenders, conveyancers must start looking into the future, using insight and data to offer this intelligence. To date, there has always been a tendency to look backwards to determine risk levels using historic information.   

With climate change, it’s time for us all to start looking forward so we can visualise what the future effects may look like at any given address. Doing so will empower us to take active steps as needed and will mean there are no hidden surprises in the years to come. 

Tom Backhouse is director insight & data at Dye & Durham