New research has found that when it comes to selling your home, a “nightmare neighbour” could end up costing you over £20,000, although 97% of buyers would pull out of the purchase completely.
House Buyer Bureau surveyed over 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.
53% also stated they found it important that they get along with their neighbours, with 65% interacting with them at least once a week.
95% of sellers 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.
98% of buyers told House Buyer Bureau that a nightmare neighbour would deter them from offering on a property in the first place.
What’s more, 97% went as far to say that they would pull out of a purchase if they found out they had a nightmare neighbour, even after having an offer accepted.
If a nightmare neighbour were to move in while they live at a property, 63% of those surveyed also said they would move house as a result.
Managing Director of House Buyer Bureau, Chris Hodgkinson, commented:
“For the most part, we all learn to get along well with our neighbours, but some of us will inevitably run into the dreaded nightmare neighbour at a point in our lives. Not only can they be incredibly hard to live with, but they can also prevent us from achieving the best price for our property when we do come to sell, or even worse, they can deter us from selling at all.
As our research shows, the vast majority of buyers would pull the plug on their purchase, even after having an offer accepted, if they found out a nightmare neighbour was living next door. This is certainly the last thing a seller needs in current market conditions where motivated buyers are hard enough to come by as it is.
It can be a real headache, particularly for those who need to sell their home quickly, and in many cases, they may have to look to alternative methods such as quick sale platforms. At House Buyer Bureau, we’ve seen numerous examples where they’ve done just that.”
