Friday, February 11, 2011

Crime Maps Could Depress House Prices

The recent launch of the crime map site police.uk has received mixed reviews. Not only were many surprised by the data relating to their seemingly quiet little street, but it has now emerged that the crime map concept could have damaging effects on the property market.

According to property analysts, the pin-pointing of crime prone areas may lead to a further decrease in housing prices in those regions. We could see the reverse effects of the development of school catchment areas, which drove prices up by up to 20% in "good school" zones.

From a study compiled in 2004, it was found that higher crime rates in London led to lower house prices. However, the most influential types of crime on property pricing were visible felonies such as vandalism or graffiti.

Other commentators are less convinced that the police.uk website will have a major impact. Many argue that crime levels are already available as part of the buying process, while most people looking to buy are either familiar with the area, or have done their homework beforehand.

The primary effects of this simplified geo-guide to crime may be the concern instilled in many home-owners whose areas are not quite the isolated havens they had come to know. Many of the searches being carried out will surely be queries from curious residents hoping to find that they reside in a crime-free zone, and to wear that badge of honour with pride.

However, analysts are worried that the tool will become a common denominator in any house-hunting process, with comparisons between prospective street crime rates influencing the decision to a greater extent than ever before. Of course, crime has always been a major factor in determining the suitability of an area for potential buyers, but the new means of discerning the level of anti-social behaviour may skew house prices and repulse buyers unnecessarily.

Currently, the site covers only England and Wales, and so any skewed figures will be reduced to South of the Scottish border. In the meantime, realtors and commercial property consultants north of the border won't have to worry about the effects of easily accessed - and perhaps misleading - detrimental crime figures.


View the original article here


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