Crime fears cause £6.6bn in property sales fall through every year

Michael Lloyd

March 29, 2019

Crime fears causes an estimated worth of £6.6bn of property sales to fall through each year, Churchill Home Insurance has found.

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 £6.6bn.

Craig Rixon, head of Churchill Home Insurance, said: “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. 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.

“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.

“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.”

Over two thirds (69%) of potential homeowners are fearful over crime rates in the area they are looking to buy in, with about 800,000 prospective homebuyers every year across the UK being concerned about local crime rates.

The biggest concerns voiced by homebuyers to estate agents are local burglary rates, followed by drug-related crimes, assault, property vandalism, vehicle vandalism and car theft.

One in nine buyers (11%) were ‘extremely concerned’ about local burglary rates when looking at properties.

And one in seven estate agents (15%) believed that local crime rates are becoming an increasing issue for prospective buyers.

Across the country 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.

Rixon added: “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. 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.

“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.

“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.”

Enter your e-mail address to receive updates straight to your inbox



Show Comments