Nightmare neighbours can devalue your property
It seems that you can forget about damp in the cellar, the person who lives next door can be just as important when deciding where to live, and how much to pay.
The latest research by propertyfinder.com reveals that nightmare neighbours can take thousands off the value of a property.
The survey carried out by propertyfinder.com asked people to choose the best and worst types of neighbours from a range of categories. Squatters top the list of neighbours from hell, with 90% of respondents voting these perennial outcasts as worst, but students came a close second with 63% of the vote.
Unsurprisingly “slamming doors, arguments and drum kits” put families with teenagers third on the worst neighbours list for 36% of respondents. Young flat sharers’ disruptive lifestyles mean that they polled fourth from bottom. Childless couples, pensioners and singles were voted the perfect neighbours.
The statement issued by the NAEA confirms the introduction of licensing for Houses in Multiple Occupation (HMOs) to try to curb problems experienced in local communities by so-called ‘studentification’. Problems include untidy property exteriors, rat attracting rubbish over-spills, and headaches caused by loud music and rowdy revellers heading home after a night out. The licensing means that landlords, or lettings agents will be responsible for the property and ultimately, the behaviour of the student residents.
Results by propertyfinder.com also reveal concern among householders that unsuitable neighbours damage property prices by a lack of interest in the upkeep of their properties, dragging down property prices for surrounding homes.
Nicholas Leeming, Director of propertyfinder.com commented:
Students are notorious for having a good time and living in messy conditions, but our results show a greater concern among householders regarding the detrimental effect students can have on the price of their property. Our neighbours have a very significant influence on our quality of life, especially in urban areas, and increasingly, house hunters are prepared to pay a premium for a quiet, trouble-free life.
Today’s statement by NAEA is no doubt a welcome announcement for those living within a student area or next door to a student property.
Comments
What are peoples thoughts on the HMO legislation which they're bringing in on April 6th? This was discussed at great length at our recent landlords meeting and as a group we have mixed feelings about it.
In a lot of ways it is good because we all want our tenants to enjoy living in our properties and not come to any harm...but part of me cant help thinking its another stealth tax.
I came across this website http://tinyurl.com/lveoz and found it a useful introduction to what is required and what deadlines there are etc. Hope you find it useful.
Cheers
Posted by: Roger: www.thebluepyramid.co.uk | April 4, 2006 06:49 PM