UK PROPERTY entrepreneur Greg Heywood is urging owners of riverside homes not to panic about a drop in value caused by the recent floods.

Despite damage through heavy rainfall being extremely rare, people are reported to be finding it more difficult to sell their homes by the water.

Although prices of riverside properties have dropped dramatically over the past few weeks Greg, founder of innovative property company The Step, says that people should not worry as the recent disasters are unlikely to put buyers off in the long term.

"Over the past few weeks we have had many calls from people who have got their riverside homes on the market worrying that they will lose value or not sell at all.

"Flooding on this scale is fortunately very unusual so people selling their riverside homes should not panic.

"Around five million people, in two million properties, actually live in flood risk areas in England and Wales and it does not have a drastic effect on their value. This is just an initial reaction to the disaster. Eventually the prices will increase again."

Residential properties by water are protected by flood defences put in place by the Environment Agency. They are designed to reduce the likelihood of floods occurring in the first place and minimising their impact when they do.