Asking prices drop after agents fail to disclose issues
Sellers have been required to drop asking prices by an average of £7k in England and Wales when problems with noisy neighbours came to light – after their estate agents failed to notify buyers.
Consumer Protection From Unfair Trading regulations stipulate that estate agents must report any negative matters which could affect a UK home buyer’s decision to proceed or reduce the price offered. However, research by insurance company Churchill revealed that only 40% of agents asked about antisocial behaviour and noise pollution problems.
As discussed in our house selling blog last week, nuisance neighbours can make people keen for a quick property sale, but also make it difficult to find a buyer. If a house seller or agent fails to advise potential buyers of a noise problem, it may often be picked up later as the result of a survey or local research by the buyer or their solicitor.
“If someone is looking to sell their home and they have had a dispute with a neighbour, they must disclose this as early as they can,” said Mark Hayward, managing director of the National Association of Estate Agents (NAEA).