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Buyers will pay more for their property if it means having reliable neighbours

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A recent survey has found that buyers would gladly pay more for a home if they had good neighbours.

Findaproperty.com has found that potential buyers will pay an extra £15,321 to be exact, if it meant they would have a trustworthy neighbour. The survey revealed some would even pay 40 per cent more than the asking price for peace of mind knowing their neighbours are reliable.

However many people admitted they don’t know their neighbour very well with more than a fifth of people not knowing their full name. One in 14 didn’t know what their neighbour did for a job and some admitted they didn’t even know who lived next to them.  

Even though it seems people are willing to pay more for the property to live next to reliable neighbours, the results from the survey also show that efforts need to be made in order to build relationships with neighbours. Last year 360,000 people moved to a different property because of ongoing disputes between neighbours such as parking and renovations.

Samantha Baden, of FindaProperty.com, said: “It's not just tangible factors like transport links and square footage that contribute to property price, the strength of the local community is a real selling point for many buyers too.

“The fact that people are willing to pay more than £15,000 to live near a good neighbour highlights the importance of community and security when choosing a new home.

“We may not want to borrow a cup of sugar from our neighbours but we do want the peace of mind in knowing that we live next door to someone who is courteous and trustworthy.”

© Copyright Autonet Insurance

By Amanda Bainbridge