Home buying process needs to be reformed, says chief executive

Houses should have flood ratings to allow home buyers to make informed decisions, according to Aviva chief executive Mark Wilson.

Writing in the Telegraph, Wilson said businesses should work with the government to reform the house buying process.

Wilson wrote that the risk of flooding is a “critical factor to be considered when someone is making the largest purchase of their life”.

Wilson’s comments follow catastrophic flooding in the UK over the past two months, with the south-west of England worst hit.

The flooding looks set to continue, with more rain forecast today.

The ABI has put the insurance bill for the flooding between 23 December an 8 January at £426m, but the flooding has continued well into February, and the ill is now likely to be far higher.