The findings confirm every neighbour’s fears: living next door to a caravan owner or truck driver will adversely affect house prices if they keep these eyesores at home (see table overleaf).
- The HGV lorry is the worst offender resulting in a massive 16% reduction in property price.
- A caravan (or camper van) signalled a 12% reduction, which could mean £18,000 off the average priced new home. That’s more than the cost of some caravans!
- White vans are also at the top end of the table with the key reason being ‘the type of driver’, resulting in a price reduction of 11%.
- An abandoned car can result in 7% off house prices despite the relatively low cost of having it towed away. Unsurprisingly, the main reason given for this is that it is “indicative of a run down area.”
The least damaging is the soap-dodgers’ vehicle of choice, the Citroen 2CV, which can take 2% off house prices.
Downside
Motor Vehicle Type % devaluation Value of devaluation* Key reasons
HGV Lorry -16% -£24,000 Large, obtrusive, and not appropriate for a residential neighbourhood.
Caravan/camper van -12% -£18,000 Ugly and downmarket. Owners blocking the road while performing manoeuvres and blocking the view.
White van -11% -£17,500 Afraid that the image of ‘White Van Man’ will lower the tone of the neighbourhood.
Abandoned car (no tax disc) -7% -£10,500 Suggests a low grade neighbourhood with high crime rates, where the local council gives a poor service
Cars being repaired but never quite finished -6% -£9,000 Indication of a run down area as occupier can’t afford garage costs! (see abandoned car – no disc)
Heavy duty motorbikes -5% -£7,500 Likely to be high levels of noise. Fear that owner will spend all weekend in the street with a tool kit conducting repairs
10 Year old Citroen 2CV -2% -£3000 Could be owned by a squatter or noisy student
Based on an average house price of £150,000 (Source: assertahome.com)
Peter Everett, Marketing Manager from YOUR MOVE estate agents commented, “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 in the driveway or on the street. Right or wrong, this could just be British snobbery, but the results of this survey do back this up.”
On the upside however, living in a street with the right type of vehicle outside can set you racing ahead in the property stakes. If on a Sunday your neighbour’s out washing his Range Rover or 4x4, this could beef up your house value by 9% (see table below), the key reason being that a “higher level of income is required to run a thirsty beast which shows money has come into the street”.
Moving further up the scale the survey found that executive cars like a Lexus or Mercedes E Class are definitely in a class of their own, suggesting a neighbourhood is both affluent and exclusive and adding up to 11% value to local properties.
Without a doubt the best neighbourhood is a tree-lined idyll of Ferraris and Maseratis. Having such slick vehicles parked outside indicates property values higher by 12% and will certainly improve the view from your window!
Jim Buckle, Managing Director of assertahome.com commented: “Obviously kerb to kerb prestige cars indicate a super-premium area where house prices are already high. Nevertheless, canny househunters can find themselves a bargain if they are looking for up and coming areas. A smattering of up-market cars in an otherwise unfashionable area is a strong marker of gentrification and house prices there should outperform more well-to-do neighbourhoods over the medium term.”
Upside
Motor Vehicle Type % increase Value of increase* Key reasons
Prestige 4x4 (Range Rover/Chrysler Jeep) +9% £13,500 Higher level of income required to run a thirsty beast so shows money has come into the street
Executive Car (New Lexus/BMW 7 series/ Merc E Class) +11% £16,500 High earner with status symbol in drive indicates that this is a prime area
Premier Sports Car
(Ferrari/Maserati/Porsche) +12% £18,000 City whiz kid’s toys suggest that the area has achieved its potential. Affluent area
Jim Buckle added: “But if you’re trying to sell your home and the neighbour’s white van is blocking the view, prospective buyers will expect a discount! This survey shows once and for all that lorry drivers, caravan owners and white van men really are the scourge of the neighbourhood!”
