More House Sales Affected By Crime
New research claims that more than 29,000 house sales fall-through every year due to fears over local criminal activity.
For as long as properties have been bought and sold, buyers who have the option will always state their preference to live in a low-crime area. This is obviously unsurprising considering many purchases are made by young couples who wish to start a family and would rather not have to fear for their children’s safety as they grow up.
What is shocking however is that almost 30,000 house sales per year continue to be affected by fears over local crime – amounting to a loss of almost £6.6bn.
While by and large, the country has become safer as the decades have passed, the effect of Tory austerity measures in recent years on the number of police officers on the beat has fallen dramatically – often in the most impoverished areas – allowing those who commit crime to flourish without fear of prosecution.
In the report published by Churchill Home Insurance, the research states that the biggest fears for prospective buyers in any given area involve the likelihood of home burglaries, drug-related crimes, assault, vandalism and theft – with one in ten considering the crime rate to be one of the most important factors when deciding whether or not to purchase a property, regardless of its value.
This is also unsurprising, as for many buyers a house purchase is an investment with which they can increase their equity and ultimately make a profit at time of sale – which cannot happen if crime rates continue to increase, as the sold house prices in the area will continue to fall.
“With crime rates rising across the UK, it is no surprise to see that this is having a detrimental knock-on effect on homebuyer confidence,” said Craig Rixon, head of Churchill Home Insurance.
“Buying a home is a major financial commitment and it is important to assess several factors when considering where to live, with local crime rates being one of them.”
This is a huge issue for prospective vendors in crime-ridden areas who are looking to sell their home fast, as unless they can find a buyer – or crime rates begin to drop – they will find themselves needing to accept lower offers from willing buyers, or find themselves stuck on the market for a long time.
Thankfully, companies such as National Homebuyers will buy any home – regardless of the local criminal activity levels. And as we can complete on a purchase within two weeks of first contact, there’s never been a better time to contact us and see how we can help.
Need to sell but worried about crime? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.