The Inside Edge
In the UK today, according to the Office of National Statistics, 85 percent of the population are regular internet users. With advances in internet technology, individuals and businesses alike are becoming increasingly more reliant on having instant access to high speed broadband.
How much of a Factor is Broadband Speed in today’s Property Market?
There are all sorts of factors that a buyer will take into account when choosing a property. Typical factors buyers have always taken into consideration when choosing a location to buy a property are distances from key transport links such as the train or tube station, the quality of local schools for those that are parents, the crime rate compared to the neighbouring towns and so forth.
So how much does broadband speed play a part in determining the price buyers are prepared to pay when you come to sell your property ?
A recent survey by ISPreview.co.uk found that buyers would be prepared to pay more for homes that have a fast broadband connection. The survey discovered that 69 percent of UK internet users would be put off from purchasing a home if it did not have a high speed internet connection. Furthermore, 74% percent of people surveyed considered having access to broadband to be of ‘critical importance’ which shows the growing demand and dependability on broadband in modern times.
How is Broadband Speed reflected in today’s Housing Market?
In March this year, Rightmove, the UK’s number one property portal announced that it would be teaming up with BT to list the internet speeds of all the properties listed on its website later this year. Broadband speed will be listed alongside other key information such as number of bedrooms, bathrooms, reception rooms and room size dimensions demonstrating its importance in today’s property market.
It is expected that other major property portals such as Zoopla, Find a Property and Prime Location will follow suit as the demand for high speed broadband connectivity continues to play a key role in the considerations when searching for a new home.
How much does Broadband Speed Vary across the UK?
Currently broadband speed does vary considerably across the UK which is ultimately why is becoming a determining factor in many cases when choosing where to purchase a property. It has been found that in some rural areas internet connection speed is so slow it can take up to 45 minutes to download a music albums compared to a matter a seconds in city locations. It is clear then for people who are very depend on being able to have access to a fast broadband connection at home, that such rural areas where this is not available would may well be excluded by this latest search criteria.
Broadband speed inequality is set to reduce in the future. The UK Government has committed to spending £830 million of public money to ensure that superfast broadband connection is available to every community. However, for the time being broadband connectivity speed it is an important factor that home buyers are taking in serious consideration and therefore can affect the saleability of your property.
Andrew Potter has worked in the property and finance industry for the last ten years and regularly contributes his ideas and opinions to the online arena. Andrew has recently launched My Online Estate Agent which is one of the UK’s fastest growing online estate agents and offers all the online tools and guides required to successfully sell or let your property.