28 Aug UK house buyers ‘would pay 14k more’ for a property with 100Mb broadband
UK house buyers would pay an extra 8% for their property if it was guaranteed to have broadband with a speed of at least 100Mbps, a new study has found.
Research carried out by ultrafast broadband provider Hyperoptic polled prospective home buyers on the importance of a quality internet connection, and found that this is valued more strongly than many other factors when moving house.
Two-thirds of those questioned said that having a good broadband connection was just as – or more – important than living next door to nice neighbours.
Furthermore, a third of respondents said they would gladly give up an extra bedroom if it meant having a quality broadband service.
The survey coincides with the busiest time of the year to move house – August bank holiday – and with the average UK property costing almost £182,000, this means consumers would be willing to fork out an extra £14,000 for a good broadband connection.
Hyperoptic VP of Products Steve Holford said the study “categorically proves” that broadband has become a key deciding factor when moving home.
“Ultrafast broadband makes a property more marketable; people are increasingly reliant on their connection and need it to cope with their current and future bandwidth demands,” he added.
Mr Holford pointed out that an increasing number of consumers are now checking average broadband speeds in areas before moving there, and that this will only continue as data demands and reliance on technology increase.
The study found that 61% of UK house buyers currently check their potential broadband speeds before renting or buying a property, with anything less than 6Mbps being a deal-breaker, while 31% do not officially move house until broadband is up and running in the new home.
Respondents said 14Mbps would be the bare minimum speed, but something closer to 100Mbps would be far more attractive, with a connection of this quality preferable to a swimming pool for half of consumers.
Mr Holford said one of the best ways to check the broadband speed in an area is to contact the provider directly, adding that online speed tests also offer an indication of whether internet speeds are up to par before people take the plunge and buy their new property.