Unsightly neighbouring homes reduce the value of a property by an average of 13 per cent (£21,000)
Broken or boarded up windows named as the number one neighbouring property price killer
A new study from Churchill home insurance reveals that 88 per cent of estate agents think a well maintained home next door will increase the sale value of a property. Estate agents estimate that well maintained and attractive homes surrounding a property have the potential to increase the sale price by as much as12 per cent – equal to a staggering £19,4002 at current market value.
However, an unsightly or poorly maintained neighbouring property could reduce the price of a home by an average of 13 per cent. If the house next door has an overgrown garden, broken windows, or a rundown car in the drive it could force down the property’s value by an estimated £21,0002.
Estate agents are virtually unanimous (98 per cent) in their belief that an unsightly or poorly maintained neighbouring property has a negative impact on the price buyers will pay for a home. The number one eyesore next door that drives down property prices is broken or boarded up windows, followed by rubbish and junk in the front garden. If your neighbours have garish paintwork, an overgrown garden or even dirty windows, this could also wipe thousands off the value of a property.
The five top eyesores that estate agents believe affect the value of a neighbouring property are:
Broken or boarded up windows
Rubbish or junk in the front garden or drive
Overflowing gutters
Unsightly or imposing extensions and DIY
Run down vehicles in the front drive
Martin Scott, Head of Churchill home insurance said,
“Whilst many householders will recognise that the condition of surrounding properties can influence curb appeal, the study shows that the upkeep of a neighbouring property could affect the sale price of a home by thousands of pounds. Relatively minor issues such as maintaining gardens and keeping external paintwork in good condition could increase property values in the area generally, putting pounds in homeowners’ pockets when they come to sell.”