Unattractive or poorly maintained neighbouring properties can reduce the selling price of a home by an average of £42,880 (16%), according to new research from Churchill Home Insurance.
With 75% of estate agents agreeing that the state of a neighbour’s property is important when selling, it is perhaps no surprise that nearly all (97%) recommend owners speak to their neighbours about the appearance of the front of their home before going to market.
Rubbish or junk in the front garden or drive (30% or back garden (29%), ‘excessive’ use of garden ornaments or statues (28%) or broken and boarded up windows (27%) have the biggest negative impact on the value of a neighbouring property.
Londoners feel this the most. Unsightly neighbouring properties could impact a sale price in the city by as much as £89,000. This is closely followed by the South-East of England, where poorly maintained neighbouring properties could wipe over £61,500 off a
house price or over £54,000 in the East of England.
Sarah Khan, Head of Churchill Home Insurance, says:“Much like family, you cannot choose your neighbours, or who moves in next door. Sometimes you get lucky with neighbours and sometimes less so.
“Unfortunately, no matter how well presented your house is, a messy or poorly maintained neighbouring property can have a significant, detrimental impact on your sale price. If you find yourself in this situation and it is a cause for concern, it is worth trying to have a chat with your neighbour to see what can be done about it. Even a quick tidy up can make a huge difference, it does not have to be expensive but could significantly improve the curb appeal and the price you achieve for your home.”
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