How much can a nightmare neighbour devalue your property?
Interesting new research has revealed that a whopping 92% of UK estate agents claim that a nightmare neighbour has a substantial impact on the value of property around them.
Love thy neighbour
Features such as overgrown gardens, noise and poor upkeep can bring values of neighbouring properties down by 8.2%. This amounts to £17,321 on the value of a typical property in Britain.
In contrast, experts suggest that living next door to a good neighbour can positively affect house prices. Having someone nice next door can positively affect the price of a home by 9.4%, or £19,856.
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.
Neighbour nightmares
Broken or boarded up 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 eye-sore 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:
- Broken or boarded-up windows
- Eye-sore extentions
- Rubbish in the garden
- Run down vehicles on the drive
- Unsightly external buildings and fixtures
- Ongoing building work
- Overgrown gardens
- Rotting windows and doors
- Overflowing gutters and drains
- Dirty brickwork
Data from the report indicates that the worst neighbours are most likely to be found in London. Most likely to love thy neighbour are people from Plymouth.
Bad behavior
The main cause of arguments between neighbours are them being noisy, unfriendly or having an untidy garden.
Top reasons of bad behaviour between tenants were revealed to be:
| Rank | Bad Neighbourly Behaviour | Percentage |
| 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% |
How much can a nightmare neighbour devalue your property?
Sleepless
31% of people that stated they had bad neighbours said that they were experiencing sleepless nights. 31% also said that their neighbours made them want to move, with 12% saying they had tried to get out already.
Dan Simson, head of Privilege home insurance observed, ‘our increasingly hectic lives can mean that household maintenance falls to the bottom of the priorities list – especially for busy families. Yet this study shows that a poorly kept home can affect not just the value of your own property, but the value of those around you too.’[1]
‘Sometimes fixing something like a broken window can seem like a burden both on time and finances, but it can also have a negative impact on the area as a whole. Most home insurance policies cover you for accidental damage, so people should check their documents-it might be an easier job than they think,’ he added.[1]
[1] http://www.propertyreporter.co.uk/property/new-research-shows-how-much-a-bad-neighbour-can-devalue-your-house.html