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Brits obsess over neighbours’ house prices
The continued uncertainty in the housing market has increased British homeowners’ obsession with keeping tabs on the value of their property by comparing it to that of their neighbours, research has revealed.
According to property information website Zoopla.co.uk, London has the “nosiest neighbours” in Britain, who regularly check the value of their neighbours’ properties online, with Bristol, Birmingham, Leeds and Bradford rounding out the top five.
Liverpool was deemed the city with the least nosey neighbours in the country.
Overall, residents of England were found to be the nosiest, while those in Scotland and Wales were least likely to track their neighbours’ house values.
Residents in the wealthiest areas were amongst the most clued up about the value of their homes along with being most curious about the value of their neighbours’ properties. Reigate and Banstead in Surrey topped the ranking of areas where homeowners are most ‘in the know’ about both their own home’s current value and their neighbours.
At street level, Grand Avenue in Camberley, Surrey was the nosiest in the UK, with more checks made by local owners on their neighbours’ property values than in any other street in the country.
However, out of 3,732 people polled on Zoopla.co.uk, only 42% admitted to looking up the value of their neighbour’s property on the website. Work colleagues’ properties were the second most likely to come under scrutiny by respondents (viewed by 18% of people), followed by the house prices of family members (12%).
Alex Chesterman, chief executive of Zoopla.co.uk, said: “As a nation, we’re obsessed with the value of our homes, but as house prices have fallen it seems it’s not only our own houses that are under the spotlight. Homeowners are increasingly monitoring their neighbour’s house values either looking for reassurance that their own property’s value hasn’t fallen by as much or taking some comfort in the knowledge that they are not alone.”
He added: “Whether you’re looking to buy or sell a property, it pays to do your research, be nosey and gather as much information as possible on current property values, recent sold house prices and local trends before making any property related property decision.”