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Neighbours can add thousands to value of your home

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Having an attractive house next door could increase the sale value of your property by almost £20,000, a report has revealed.

In a study by Churchill home insurance, 88% of estate agents said well maintained neighbouring homes can increase the sale price by as much as 12% – equal to £19,400 at current market value.

However, an unsightly or poorly maintained neighbouring property could reduce the price of a home by an average of 13%. If the house next door has an overgrown garden, broken windows, or a rundown car in the drive it could force down the property’s value by an estimated £21,000.

Estate agents are virtually unanimous (98%) in their belief that an unsightly or poorly maintained neighbouring property has a negative impact on the price buyers will pay for a home.

The number one eyesore next door that drives down property prices is broken or boarded up windows, followed by rubbish and junk in the front garden. If your neighbours have garish paintwork, an overgrown garden or even dirty windows, this could also wipe thousands off the value of a property.

Martin Scott, head of Churchill home insurance said: “Whilst many householders will recognise that the condition of surrounding properties can influence curb appeal, the study shows that the upkeep of a neighbouring property could affect the sale price of a home by thousands of pounds. Relatively minor issues such as maintaining gardens and keeping external paintwork in good condition could increase property values in the area generally, putting pounds in homeowners’ pockets when they come to sell.”