There are a huge number of different factors that can influence buyers when they are deciding where they want to live, such as accessibility, security, and the reputation of the area. One potentially surprising influencing factor is the quality of the neighbours. The other people living in the area could attract buyers, especially those that share similar interests, or deter them.
Estate agents Purplebricks recently conducted a survey to look into how concerned prospective buyers are about their neighbours. They surveyed over 2,000 people and found that nationally 45% of buyers do have a concern about the other people living in the area when viewing a home.
The results of the survey are even more interesting when you look at them by region. In the North East 57% of prospective buyers said they would be concerned about buying a home in an area with noisy or disruptive neighbours. This shows that people in this region tend to be more concerned about the community they will be living in, and that they can be deterred if it doesn’t meet their preferences.
In London just 33% of the people surveyed said they would have concerns about neighbours when buying a home. This shows that community is less important and also reflects the highly competitive nature of the property market in the capital. It is also a sign that other factors are given far more weight when it comes to determining search criteria. Issues such as proximity to transport links and shops, the cost of renovations and the potential for future price growth are typically seen as more important.
Understanding what criteria buyers are likely to have is important for investors, whether they are looking at purchasing a home, renovating it and selling it on or renting it out for a period of time. It is important to think carefully about this before making a purchase so you can plan ahead and ensure you target the right area. Investors trying to learn more about the market in London can call on Finefair for advice. We specialise in advising buyers on every aspect of investment properties in Hackney and throughout the rest of the capital, and can help you to make the right decisions for your financial future.