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Your neighbours could bag you £20,000

Check out any potential neighbours - they could cost you thousands

March 13, 2013

A well-kept home can add (or take away!) thousands of pounds from the properties next door according to a report by home insurers Churchill. Well maintained homes next door to yours can increase the value of your property by up to 12 per cent when it comes time to sell. This amounts to £19,493 on the average home.

Signs of a run-down un-loved property such as boarded up windows, and rubbish in the front garden have the biggest impact on potential buyers. The lesson – when buying a home meet the neighbours first, or at least take a look to see if they keep their home tidy.

Martin Scott, of Churchill, said: “While many households will recognise that the condition of surrounding properties can influence kerb 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 paintwork in good order could increase values in areas generally.” 

Are you concerned about property prices in your area? Confused by the constant reports on house prices? You need to check out our House Price Watch. A concise summary of what’s happening to house prices both nationally and in your area

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