The importance of crime rate statistics is emphasised by a study carried out by Churchill Home Insurance. The research shows over 29,000 property sales collapsing each year in the United Kingdom, because of concerns over local crime. These sales equate to over £6 billion in property value, so the economy is affected.
Rising concerns over crime rates
The report found 69% of homeowners with fears of crime rates, with local burglary rates and drug-related crimes the biggest concern. Buyers have to consider their options, and affordability will always be an issue. There may need to be a trade-off between crime statistics and price, but it is understandable why so many people focus on this aspect.
The research collected information from estate agents, and close to 800,000 prospective buyers are openly concerned about crime rates. Information contained in the report suggests 2.4% of property sales collapse because of crime concerns. This figure equates to 80 sales a day collapsing, which is a significant figure.
Areas of concern highlighted in the study include:
- Local burglaries
- Drug-related crime
- Vandalism of property
- Vandalism of vehicles
- Car theft
Many people believe crime problems are increasing
One worrying issue about crime statistics is that 15% of agents believe that crime is becoming an increasing problem for prospective buyers. Between 2014 and 2018, the number of reported crimes rose by 12%, and in 2018, around 5.8 million crimes were reported to the police. This number equates to 15,800 crimes every day or 11 offences a minute.
Craig Rixon is the Head of Churchill Home Insurance, and he released a statement, saying; “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. 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.”
If you are a vendor, you should take steps to improve security around your home. Also, if your area has positive crime statistics, this should be a strong selling point you promote to prospective buyers.
We know buying and selling is a strenuous task, and that crime rate concerns are valid. If you are looking for support and guidance with your next move in the property market, contact Austin Property Services, and we will be more than happy to assist you.