More than 29,000 house sales fall through every year in the UK due to fears over local crime, the equivalent of £6.6 billion in property value, according to new research.
Over two thirds, some 69%, of potential home owners are fearful over crime rates in the area they are looking to buy in and the biggest concerns are local burglary rates and drug related crimes
The research conducted by Churchill Home Insurance using information from estate agents reveals approximately 800,000 prospective home buyers every year across the UK are concerned about local crime rates.
Estate agents estimate that 2.4% of house sales fall through as a direct result of buyers’ fears over crime, amounting to an estimated 29,082 scuppered property transactions every year, or 80 homes per day, with a total market value of £6.6 billion.
The biggest concerns voiced by home buyers to estate agents are local burglary rates, followed by drug-related crimes, assault, property vandalism, vehicle vandalism and car theft. The study also found that 11% were described as ‘extremely concerned’ about local burglary rates when looking at properties.
Some 15% of estate agents believe that local crime rates are becoming an increasing issue for prospective buyers. This is a figure supported by further analysis conducted by Churchill into the relationship between property prices and crime rates.
Across the UK, the total number of crimes rose by 12% between 2014 and 2018, with nearly 5.8 million crimes reported to police forces last year alone. This amounts to around 15,800 every day, or 11 every minute.
‘With crime rates rising across the UK, it is no surprise to see that this is having a detrimental knock-on effect on home buyer confidence. 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,’ said Craig Rixon, head of Churchill Home Insurance.
‘However, this should not necessarily deter purchases of dream properties. No matter where the property is, or what the crime rates are in the area, homes should always be fitted with an appropriate level of security features, including locks, an alarm and security lights, as often burglars will look for the easiest home to enter on a street,’ he explained.
‘For further peace of mind, it’s always necessary to have a comprehensive, up to date home insurance policy that covers householders in the event of them becoming victim of a burglary,’ he added.
Churchill’s top tips for protecting your property include not to make it obvious that the property is empty if you are away, make sure all windows and doors are locked and if you have a burglar alarm, keep it clean so it looks like it is used and serviced regularly.
It also advises ensuring that any security features which allow you to track your phone or tablet are turned on as this will help police locate your device should it be stolen, trying not to leave packaging for new expensive goods outside your home as it can attract burglars and if you keep power tools, golf clubs or garden equipment in an outbuilding or shed, make sure the shed is locked and/or has security features such as an alarm or security light.
