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The river Fowey burst its banks just below the war memorial flooding around 10-15 properties with approximately 40 people inside.
People were told to stay in their houses unless it was a medical emergency until the Fire and Rescue teams arrived with a dinghy to safely transfer people out of their homes.
Most have reported their properties were submerged in at least 3 feet of water however the true extent of the flood will not be known until high tide which was at approximately 14:00 hours on Saturday afternoon.
Those transferred to dry land were then taken to the local community center for tea, food and shelter not knowing when they will be able to return to their homes.
We spoke to some householders who were resigned to their fate and probably spending their Christmas either in a temporary home or with friends and relatives knowing they would have to come back to a damaged property and start the clean up when they should be celebrating the festive period.
Our reporter Andy Ballantyne sent this video from Lostwithiel.