Evaluates the evidence that increased flooding and flood risk, primarily caused by climate change and development on flood plains, is affecting the value and insureability of an estimated 950 000 to 1.7m UK residential properties. Assesses the evidence by examining the activities of residential negotiators and valuers dealing with flood risk properties and by interviewing leading insurers on their flood risk policies. Finds that recent flood events affect the value of a residential property, yet the degree of discount between valuers is inconsistent and the availability of adequate insurance cover is the key issue in determining the saleability and value of recently flooded property. Calls for more accurate and sophisticated publicly available information for the realistic assessment of flood risk to particular properties, and concludes that the improvement of flood defence measures is the single most important factor in maintaining the value of at-risk residential properties.