Fast broadband connections to a property are increasingly becoming more and more important to homebuyers. It is thought that a home without broadband or with a slow broadband connection could be worth up to 20% less than a property with a good fast broadband connection.
Because the internet usage is continuing to grow in peoples everyday lives the need for fast and reliable broadband connections also increases. Many people now stream TV shows online daily such as via Netflix or the BBC iPlayer which require a good broadband connection to run well. There is also an ever increasing number of home works too who require good internet connections to work from home.
If people can’t perform these sorts of tasks at home then it could really devalue a property to them or even completely put them off their list altogether.
In this last week we have seen Rightmove, the online property search website, now include a speed checker link on the property details for each property that is listed with them.
Bernard Phillips from Rightmove, said:
“We already offer a number of tools to help consumers make informed decisions about a property, and we’re pleased to be the first to add broadband speeds to this. Broadband has become ingrained in people’s lives and is an important factor when choosing a home.”
The government’s target of superfast broadband for 95% of the UK by 2017 should hopefully help with this issue, but there will still be plenty of rural properties that will struggle to get to these sort of speeds. A superfast broadband connection is classed as a broadband connection of 24Mb or above.
A recent survey has shown that a fast broadband connection could well be a deal breaker when it comes to buying a house.
The survey, done by ISPreview found that 68.8% of the 733 people who filled out the survey would be put off from buying a beautiful new house if it didn’t have a fast broadband connection.
However, when buying a house around half of the people (50.4%) said that they would pay more yet 49.5% wouldn’t pay more for a house with faster broadband which means that it’s is a pretty even split as to if people are willing to pay a premium for a fast broadband house or not.
It is likely that now with the roll-out of fibre broadband across the UK, houses that will be connected to the next generation fibre network could put these sellers at an advantage over those who are still on standard ADSL broadband connections. It could likely see some towns with fibre broadband become more popular over neighbouring towns that are not connected to a fibre broadband network which in turn would potentially drive up house prices in certain areas.
When asked how important broadband is to their home lives a large 73.9% said that it is “Critically Important”, 24.2% said it was “Average Importance” and just 1.7% said it was not important.
The results of the survey are slightly flawed as it was an online survey and as such those who use the internet are more likely to view broadband speeds and importance more than those who don’t, but with so much of the UK population now using the internet it is likely that the next time this survey is done and fibre broadband is available more that the results may start to weigh more in towards broadband playing an ever increasing factor with houses and their saleability.