Home buyers willing to pay more for broadband

April 27, 2016 by Brendan

Home owners

Around 60% of people buying a home believe that faster broadband speeds are more important than an extra bedroom.

A property in an area with a good broadband connection can attract £23,000 more than areas with speeds below 100Mbps. A survey of 3,000 people living in the UK revealed that house buyers are willing to pay more for a good broadband connection. When looking for a new home, people are generally drawn towards space, en-suite facilities and period features. However, an extra bedroom doesn’t appear to be as important as having broadband for three out of five people. Buyers are willing to pay up to 11% more for a home if it has good broadband.

The research was carried out by Hyperoptic, a broadband provider, which discovered that UK residents view fast broadband as a top priority when moving home. As more people rely on broadband for entertainment purposes and business conducted online, the connection becomes a higher priority for most when moving to a new property. In comparison to a study conducted in 2015, the number of people checking broadband speeds before moving home has increased by 8% to around 70%. Around one third of those polled would be willing to delay their house move for broadband to be set up.

The survey results also suggested that six out of 10 people compared a fast internet connection to having good neighbours or a garden. Around half viewed it as more important than local amenities or transport links. A CeMAP trained mortgage adviser can help buyers to find out what the internet connection is like in a potential location, before making a final decision.