A framework for participatory assessment of vulnerability of commercial property values to flooding in the UK

Abstract

The characteristics of flood risk situation in the UK for commercial properties involve large scale complexity in terms of effective contributory variables, different levels of spatio-temporal scales, and affected stakeholders' involvement. In the process of risk assessment, vulnerability has emerged as one of the most critical concepts as an indicative factor of measurement of severity of the likely consequence. The study builds on evaluation of existing approaches of participatory vulnerability and valuation approaches and moves on to develop new pluralistic participatory vulnerability analysis (PVA) method for analysis of qualitative and quantitative information. The focus is to investigate the effectiveness of participatory vulnerability analysis (PVA) approach supported by GIS as a potential tool for the UK commercial property sector for assessment of vulnerability of property values towards flooding. This includes the involvement of affected stakeholders to evaluate the predictive effect of the contributory factors on vulnerability of commercial property values. The proposed participatory spatial analysis method is suitable to be implemented within a Geographic Information System (GIS) framework. The approach is simple and transparent allowing public participation as well as accommodating data gaps by including opinions and experiential knowledge in the analysis.

A Comprehensive Overview Regarding the Impact of GIS on Property Valuation

“…Studies in Dublin [20] and England [21] analyzed the impact of flood risk on housing costs using detailed datasets and GIS and showed short-term price declines following flood events. In [58], the vulnerability to flooding of commercial properties in the UK was assessed, and [59] investigated how to value the ecosystem services of flood protection in suburban watersheds. Some studies have attempted to assess willingness to pay for flood insurance using methods such as the contingency valuation method (CVM) [19].…”

Mapping community knowledge of vulnerability of value: a case study in the UK

“…These interdependencies between different stakeholders involve higher level of physical, economic and social complexities in relation to adaptation to risk which in other words exposes their damage potential in the form of vulnerability [11]. The multitude of exposed forward looking factors are such that the vulnerability of an organisation is intertwined with its exposure to differential level of hazard, the organisation's susceptibility to the probability and magnitude of flooding and the ability to respond to the crisis, or resilience, depending on interaction within and among different involved stakeholders.…”