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Meet the Neighbours – Or Risk Seeing Your House Price Plummet

A PROPERTY expert has urged people buying a home to make sure they meet the neighbours before finalising any deals.

The advice comes in the wake of a report which found the type of person living on a street can have a massive impact on an area’s house prices.

Commenting, Jonathan Rolande, from House Buy Fast, said: “I’m often asked if good or bad neighbours impact the potential property value – and the reality is that, yes, they definitely do. If a property next door looks like it might be the cause of problems the effect can be huge.

“Many potential buyers simply won’t view, having driven past and seen the issue for themselves. Good neighbours are the hoped-for default, so there simply isn’t a premium price paid for them.”

If sellers have had formalised problems with neighbours, they must be declared on the Property Information Form via solicitors.”

On whether he’d recommend meeting the neighbours before buying a house he added: “Ideally yes I would and if you can’t, at least look at the neighbouring homes and assess what they might be like as people. Visit at different times, after school, evenings and so on to see (or hear!) any issues for yourself. Don’t forget to walk around the block to assess any homes that back on to your potential new property.”

Mr Rolande’s comments come weeks after a study revealed the majority of buyers would offer less for a property or even pull-out of a transaction if they discovered a nightmare neighbour.

Quick-buy firm the House Buyer Bureau surveyed more than 2,000 UK homebuyers on the topic of nightmare neighbours to see how it can impact their appetite for a property and prevent a seller from making their move.

The survey found that for most, nightmare neighbours aren’t an issue, as 45% stated they have an excellent relationship with their current neighbours.

However, 95% of sellers surveyed said they would offer less for a property they were interested in if they knew it was next door to a nightmare neighbour.

Previous research has found that this could mean an asking price reduction of around 8%, which might not sound like much, but equates to £22,869 on the current average UK house price.