'Kerb appeal' affecting property prices
Living next door to a lorry driver or someone who keeps a caravan in their drive can knock thousands of pounds off the value of your home, UK research warned today.
Property website assertahome.com said having an HGV lorry parked next to a house could knock around 16% off its value, the equivalent of £24,000 (€35,680) on the average property worth £150,000 (€223,000).
Homes with a caravan or camper van parked nearby do not fare much better, facing a 12% or £18,000 (€27,000) reduction in their price.
Other offenders include white vans, which can knock 11% off a property’s value, because potential buyers will worry the image of white van man will lower the tone of the neighbourhood, while having an abandoned car nearby can reduce prices by 7% as it suggests the area is run down with a high crime rate.
People with neighbours who own heavy duty motorbikes face a 5% reduction in the price of their home as potential buyers may fret about noise levels, while an old Citroen 2CV can knock around 2% off property prices, as buyers may worry it belongs to a noisy student.
But, at the other end of the scale, having the right car parked near your house can actually increase its value.
Premier sports cars top the league for snob appeal, raising house prices in the street by around 12% by making the area appear affluent.
These are followed by executive cars, such as a Lexus, Mercedes or BMW, which can add 11% to property prices as they are seen as the status symbols of high earners.
Even 4x4s help boost property prices by up to 9% or £13,500 (€20,000) for the average home, as potential buyers latch on to the higher level of income required to run the vehicles.
Peter Everett, marketing manager from Your Move estate agents, said: “Every house has what we call kerb appeal.
“People will drive past a house they are interested in viewing and form an immediate impression of the property and the neighbouring properties based on the external appearance and the type of car on the driveway or on the street.”
Jim Buckle, managing director of assertahome.com, said househunters looking for up and coming areas should look for a smattering of upmarket cars in an otherwise unfashionable area, as this was a strong marker of gentrification, and suggested house prices there should outperform more well-to-do neighbourhoods.
:: Assertahome.com questioned 27 estate agents by telephone during May.
