Property Vroom

• Why a neighbour's car can wipe tens of thousands off YOUR house price

Homeowners who've repainted the hallway, landscaped their garden and transformed their bathroom in the hope of a profitable sale have one thing out of their hands that could lose them a sale - their neighbour's car!

That clapped out old car parked next door is more than just an eyesore. According to estate agents’ estimates, when it comes to selling your own home it can cost you a fortune, wiping off an average of 5.5% - or tens of thousands of pounds - from the true value of a house.

Losing 5.5% of the value of your property is equivalent to £10,170 off the average UK house price (£184,924) or £32,400 off the average price of a detached house in Greater London (£589,590)*.

The survey of 120 UK estate agents by Network Q, the UK's number one used car retailer, reveals that an unsightly old car can also knock 4% off the value of nearby residential properties - that's potentially hundreds of thousands of pounds wiped off property value by a single £500 car!

Should you happen to be the owner of the car in question - an old car you couldn't bring yourself to part with or haven't got around to disposing of - estate agents say it may prevent many buyers from looking at your house and knock 8% off the true value.

Network Q also asked 1,600 UK homeowners the same question about the impact of an old banger when viewing a neighbouring house:

• 35% of prospective buyers would refuse to bid simply because a neighbour's old banger gave off the wrong signals
• 37% of prospective buyers would place a lower bid because of the car
• 11% of prospective buyers would drop their bid by more than 10% of the sale price because of the car

Estate agents also revealed how:

• A client hid his car and borrowed a friend's newer car to help make a sale
• Smart homes neighbouring a teenage repair fanatic couldn't be sold
• One house had five old cars parked on the driveway and it reduced the value by 25%
• Caravans and mobile homes also have negative impact on the value of surrounding houses

According to Richard Hughes of Network Q, 'A person with a poorly maintained or shabby car can give off all the wrong signals to someone looking at their home or a neighbouring property. It also goes to show that sometimes a quick and easy sale is sometimes out of your own hands.

'If your car is on its last legs, upgrade to a newer model and you'll not only improve your driving pleasure, but as these findings prove, have the peace of mind that you'll save yourself a fortune when it comes to selling your house.'