Interesting new research has revealed that living near good neighbours can positively affect your house price. Having someone nice next door can increase the price of a home by 9.4%, or £19,856.
In contrast, 92% of UK estate agents claim that a nightmare neighbour can have a substantial negative impact on the value of neighbouring properties.
The research, conducted by
Privilege Home Insurance, found that features such as overgrown gardens; noise and poor upkeep can bring values down by 8.2%. This amounts to £17,321 on the value of a typical property in Britain.
This means that if these estimates are correct, the difference between a good and bad neighbour could amount to £37,177. In London, average property prices currently stand at £472,163; therefore having a bad neighbour could affect sellers to the tune of a cool £83,100.
Broken windows on neighbouring properties were revealed to be the worst thing to devalue a home, estimated to take £23,000 of the average price at current market value. This was closely followed by an eyesore of an extension and rubbish across the lawn or driveway. The top-ten things on a neighbours’ property that could de-value your home were found to be:
1 Broken or boarded up windows
2 Unsightly or imposing extensions and DIY
3 Rubbish or Junk in the driveway/front garden
4 Run down vehicles in the front drive
5 Garish/unsightly coloured external buildings/fixtures
6 Building work
7 Overgrown Garden
8 Rotting or chipped window or door frames
9 Overflowing gutters
10 Dirty brickwork or property frontage
The main causes of arguments are if neighbours are noisy, messy or antisocial. Top bad neighbourly behaviour:
1 They’re noisy 23.7%
2 They’re unfriendly 18.9%
3 They have an untidy/overgrown garden 17.3%
4 They’re rude 17.2%
5 They have a loud dog 15.4%
6 They park across my drive 15.2%
7 They keep me awake at night 15.1%
8 They have loud arguments 14.1%
9 They hold loud parties 13.7%
10 They do DIY or housework at anti-social hours 13.6%
The issue of bad neighbours is not new but for those who want to sell their homes fast, the effect can be devastating, as it can take longer to find a buyer.
Broken windows on neighbouring properties were revealed to be the worst thing to devalue a home, estimated to take £23,000 of the average price at current market value. This was closely followed by an eyesore of an extension and rubbish across the lawn or driveway. The top-ten things on a neighbours’ property that could de-value your home were found to be:
1 Broken or boarded up windows
2 Unsightly or imposing extensions and DIY
3 Rubbish or Junk in the driveway/front garden
4 Run down vehicles in the front drive
5 Garish/unsightly coloured external buildings/fixtures
6 Building work
7 Overgrown Garden
8 Rotting or chipped window or door frames
9 Overflowing gutters
10 Dirty brickwork or property frontage
The main causes of arguments are if neighbours are noisy, messy or antisocial. Top bad neighbourly behaviour:
1 They’re noisy 23.7%
2 They’re unfriendly 18.9%
3 They have an untidy/overgrown garden 17.3%
4 They’re rude 17.2%
5 They have a loud dog 15.4%
6 They park across my drive 15.2%
7 They keep me awake at night 15.1%
8 They have loud arguments 14.1%
9 They hold loud parties 13.7%
10 They do DIY or housework at anti-social hours 13.6%
The issue of bad neighbours is not new but for those who want to sell their homes fast, the effect can be devastating, as it can take longer to find a buyer.
