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£3,100 - The value of a good neighbour?

17 May 2010

Britons are willing to pay an extra £3,100 for a home with good neighbours, according to a new study which ranks Britain’s biggest cities against five different objective measures of ‘neighbourliness’ - consideration, tolerance, friendliness, tidiness and vigilance.

According to the study from Lloyds TSB Insurance, these attributes can affect how much people are prepared to pay for a house, with potential buyers willing to spend significantly more for the guarantee of agreeable neighbours.

The city of Bradford leads the nationals rankings with the most considerate and tolerant neighbours. Glasgow has the friendliest, Swansea hosts the tidiest and Manchester is home to the most vigilant locals.

The study also shows the effect of poor neighbourly relations. Stockport reports the most incidents of neighbour-inflicted damage and it is estimated that, nationally, neighbour actions and vandalism have cost homeowners more than £2.5 billion. These incidents typically cost £312 per job to put right.

A positive step towards building a strong community is to join the local Neighbourhood Watch scheme. Figures show that nearly half (42 per cent) of Neighbourhood Watch members enjoy good community relations, compared to under a third (28 per cent) of non-members.

Commenting on the findings, Paula Llewellyn, spokesperson for Lloyds TSB Insurance said: “Good neighbours can have an invaluable impact on our wellbeing and can help keep our property safe while away from home."