LV= insurance research reveals untidy neighbours are bad for your
on: April 7, 2009, 1:33 am
Author: Emma Holyer
latest LV= home insurance survey reveals addresses in Britain
are being devalued by a total of £71 billion* as a result
of eyesores in the local neighbourhood.
those questioned, 44% Brits live close to a dilapidated home which
experts say typically knocks up to 10%** (£15,675) off the
average house value of neighbouring properties.
'neighbouring problems' which can affect a property's value include
overgrown or unkempt front gardens (22%), peeling paintwork (19%)
and dumped furniture or mattresses left outside the property (10%).
Persistent noise pollution such as invasive music from a house
next door (11%) can also reduce the value of a typical property
by an average of £18,000.
commissioned by LV=
home insurance, reveals that would-be homebuyers assume that
these problems indicate a 'neighbour from hell' which reduces
the price they are prepared to pay and in many cases completely
deters buyers from making offers.
11% of UK adults live next to a rundown property and generally
the closer the proximity of a neglected or noisy home, the greater
the effect on a property's value, according to chartered surveyors
the present market downturn, valuation surveyors are also more
likely to down-value a property where they can see that the tone
of the area is negatively affected by evidence of anti-social
behaviour, or by a significant lack of maintenance on adjoining
properties. Conversely, when property prices are booming, they
are often more willing to overlook even significant defects.
maintenance of the house next door can also have other serious
consequences. 33% of Brits have had their homes damaged by an
adjacent property. Frequent problems include flooding or damp
(11%), pest infestations (11%) and adjoining fence damage (9%),
which overall costs the average homeowner £1,600 to repair.
Just 19% of the next door properties' owners covered such costs
- either from their own pocket or by claiming on insurance.
O'Roarke, managing director of LV= home insurance, said: "This
research shows that the financial price of living near to an untidy
neighbour could have dire consequences, not only on your lifestyle
but also on a home's value and maintenance costs.
living near these properties need to ensure they have suitable
home insurance in place so that if the worst does happen they
can claim for any damage to their home. Our research also found
that unkempt properties have caused seven per cent of homeowners
to fall out with their neighbours, so ensuring a good relation
is always sensible - that way unpleasant situations can often
- ends -
Notes to editors:
Research carried out on behalf of LV= by Opinium Research and
According to DCLG there are 25,754,000 UK households. 44% adults
live near untidy property. Average UK house price £156,756
(Land Registry March 2009). Average reduction in value for an
untidy street property = 4%. £6,270 x 0.44 x 25,754,000
** According to Zennor Consultants in March 2009.
LV= is a registered trade mark of Liverpool Victoria Friendly
Society Limited (LVFS) and a trading style of the Liverpool Victoria
group of companies. The new LV= brand identity was launched in
insurance offers pet, home, travel and car
insurance direct to consumers by telephone from its UK call
centres in Bournemouth and Croydon and online from its website.
LV= has been awarded the Defaqto five star rating for home insurance
and car insurance. LV= insures over 1.6 million cars and 480,000
households in the UK.
is authorised and regulated by the Financial Services Authority
register number 110035. LVFS is a member of the ABI, AMI, AFS
and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.
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