Home insurance provider Liverpool Victoria has advised buyers to check the state of a neighbourhood before buying a new home as one untidy house can have a negative impact on property prices.
An untidy property in a neighbourhood can bring down the value of nearby houses, home insurance provider Liverpool Victoria (LV=) has said.
Research from the firm found that properties across the UK are devalued by a combined £71 million due to other unsightly homes. Living close to a dilapidated house can knock ten percent of the value of a home, with dumped household rubbish and untidy gardens also proving a problem.
Unkempt front gardens can devalue neighbouring homes by 22 percent, while peeling paintwork can take 19 percent off an asking price and discarded furniture can lead to a ten percent drop in prices.
"The surprising thing has been the amount of money that potentially you could lose, and also the fact that even on your road having a property that is run down, even with 50 metres of it, it will have an impact on your property," a spokesperson from LV= explained.
"If you are looking to move, it's worthwhile having a look up and down the street and not just at the property you are looking to buy," she advised.
The home insurance provider also warned that poor housekeeping habits from neighbours can potentially cause damage, highlighting that blocked drains can lead to floods.
