BAD NEIGHBOURS KNOCK OFF £37,000 OFF THE VALUE OF YOUR HOUSE

• Having a bad neighbour next door knocks 17.6 per cent off the value of your house
• Broken or boarded up windows wipe the most off the asking price of the houses around them
• More than half of people in London say they have bad neighbours

New research by Privilege Home Insurance has revealed that 92 per cent of UK estate agents claim having a bad neighbour has a serious negative impact on the value of the houses around them and what buyers are prepared to pay.

Taking into account factors like overgrown front gardens, poor upkeep and items left on the lawn outside, UK estate agents have calculated that it brings the value of the house next door down by 8.2 per cent – that’s £17,321 on the price of an average house in the UK*.

By contrast, the experts questioned by Privilege assessed that a good neighbour next door positively affects the value of your house by 9.4 per cent, adding £19,856 to the average property in the UK.

This means the difference between having a good neighbour and a bad neighbour is worth £37,177 to the average British householder. In London, where the average house costs £472,163, having a bad neighbour instead of a good one could therefore affect sellers to the tune of just over £83,100.

Broken or boarded up windows are the worst thing the house next door can have – thought to wipe nearly £23,000 off the average house at current market value. This is followed by an unsightly extension and having rubbish or junk in the driveway or front garden.

Bad neighbours: Top things that devalue your house

Source: Privilege Home Insurance

The report also found that the worst neighbours are most likely to be a family living in London, where the parents are in their 40s and are unemployed. They are most likely to drive a Volkswagen and own a dog.

The best neighbours live in Plymouth, are retired 60 plus singletons who do not have a pet. They are most likely to drive a Nissan.

The top reason why people are unhappy or have argued with their neighbours is them being noisy (24 per cent), followed by being unfriendly (19 per cent) and having an untidy or overgrown front garden (17 per cent).

Top bad neighbourly behaviour

Source: Privilege Home Insurance

A number (31 per cent) of those with bad neighbours had also experienced sleepless nights, reporting an average of 2hrs and 16 minutes lost sleep each time.

Of those questioned with bad neighbours, one in three (31 per cent) said their neighbours make them want to move, and one in ten (12 per cent) said they have tried to move or desperately want to as a result of their ongoing neighbourly feud.

Those in London are most likely to want to move away from their bad neighbours (18 per cent), followed by the West Midlands (16 per cent) and Yorkshire and Humber (14 per cent).

Dan Simson, head of Privilege home insurance said: “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.

“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.”

Bad Neighbours by Region

Source: Privilege Home Insurance

ENDS

For more information, please contact: Fran Langdon or Laura Nugent at Van Communications:

fran@rtc.london / laura@rtc.london  / 020 3179 0720

Notes to editors:

*UK House Price Index May 2016, Office for National Statistics. As of May 2016 the average house price in the UK stood at £211,230

Survey of 100 Estate Agents carried out by Citigate Research between 29th June and 6th July 2016

Omnibus research carried out by Opinium research amongst a nationally representative sample of 2,000 adults between 12th and 15thJanuary 2016

Privilege

Privilege Insurance specialises in car insurance for safe drivers. It also offers home insurance and breakdown cover by phone or on-line.

Privilege general insurance policies are underwritten by U K Insurance Limited, Registered office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England and Wales No 1179980. U K Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Privilege and U K Insurance Limited are both part of Direct Line Insurance Group plc.   

Customers can find out more about Privilege’s products or get a quote by calling 0345 246 0515 or visiting www.privilege.co.uk
 

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