The seller did not tell us about a serious problem with the property

You might be able to. Sellers are not under a general duty to volunteer every fact, but they must not make false statements, and they must answer questions honestly. If the seller or agent misrepresented the position, for example by stating that there was no flooding, you may be entitled to damages or cancellation under the Contract and Commercial Law Act 2017. Real estate agents also have legal duties under the Real Estate Agents Act 2008 and the Fair Trading Act 1986, including a duty not to mislead and a duty to disclose known defects that they are aware of, particularly those that would affect the buyer's decision. Check the agreement for the vendor's warranties and the LIM. Collect evidence such as photographs, neighbour statements and previous claims, and consider complaining to the Real Estate Authority.