Noisy neighbours scare off would-be buyers - Mortgages - News - Moneyfacts

News

Noisy neighbours scare off would-be buyers

Noisy neighbours scare off would-be buyers

Category: Mortgages

Updated: 22/08/2013
First Published: 19/08/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

When it comes to purchasing a new home, prospective buyers are most put off by factors beyond the seller's control, according to new research.

Over half (55%) of those surveyed by mortgage and secured loan broker Ocean Finance said that 'neighbours from hell' is the single most off putting factor when deciding whether or not to buy a house.

Other major deterrents for prospective buyers included obvious issues such as mouldy rooms, the property being in a poor state of repair, and no central heating or double glazing.

Meanwhile, the research shows that when it comes to what can be fixed easily, prospective buyers are reasonably savvy, with just 4% saying they'd be put off by an overgrown or neglected garden, while over a quarter (28%) would be deterred by an untidy garden next door, which is beyond their control.

Age is a big factor as well, with those aged 18-34 around half (35%) as likely to be put off by noisy neighbours compared with 65% of people over 65.

However, older generations seemed to be more willing to put up with a cold home, with 25% of those aged 55-64 and 25% of those aged 65 prepared to buy a property with no central heating compared to 36% of 25-34 year olds.

They are also half as likely (10% for both 55-64s and 65+) to be bothered by the fact that a house has no double glazing (the figure for both 18-24s and 25-34s is 21%).

What Next?

Compare the best selling mortgage deals

First Time Buyer Mortgages

How to buy a home: Offer to completion

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Goodbye to the Help to Buy Guarantee

On 31 December, phase two of the Help to Buy initiative will be withdrawn from the market. It’s certainly done wonders for the high loan-to-value sector, so we thought we’d take a closer look at the significance of the scheme and the effect it’s had.

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.

Bank of Mum and Dad holds the (house) key

The Bank of Mum and Dad is an important source of finance for many young adults, and it seems that they still hold the key – in more ways than one.
 
Close