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Check out the neighbours before searching for that cheap mortgage

Date: Tue, 31 Jan 2006

House buyers are being advised to check out their neighbours before committing to a cheap mortgage deal.

Propertyfinder.com discovered that bad neighbours could reduce the value of property by up to 15 per cent. In particular, students and noisy neighbours are likely to lower a home's market price.

Nicholas Leeming, director of propertyfinder, said: "Students are notorious for having a good time and living in messy conditions, but our results show a greater concern among householders regarding the detrimental effect students can have on the price of their property."

He added: "Our neighbours have a very significant influence on our quality of life, especially in urban areas, and increasingly, house hunters are prepared to pay a premium for a quiet, trouble-free life."

On a positive note, some neighbours may help to actually increase property values, living next door to a childless couple or a pensioner is seen as desirable and may push up selling prices by around four per cent.


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