Why broadband speed is becoming so important for property buyers

Why broadband speed is becoming so important for property buyers

Online estate agents Tepilo explore why internet speed is becoming an increasingly important factor for prospective property buyers.

As a property seller, it’s crucial to understand the wants and desires of potential buyers. New information about must-have features that buyers require from a property is always helpful when it comes to selling your property.

 

For the majority of homebuyers, crime rates, local schools, transport links and amenities are usually deemed the most important factors. However, our increasing dependence on the internet is beginning to change that, with quick broadband speed now ranking as one of the most desirable qualities in a property among certain groups.

 

Recently, broadbanddeals.co.uk polled a cross-section of British homebuyers to determine the most important elements they look for whilst searching for properties.

 

The individuals, aged 21 and over, were asked multiple questions relating to their home-buying preferences. When initially asked if they’d already narrowed down the area they were planning to buy their new home in, 78% of respondents admitted that they were keeping an open mind regarding the location.

 

Next, participants were given a list of factors that would be most likely to put them off an area that a potential new home was being sold within, and asked to choose the three that would most concern them. The results were surprising, with 88% stating poor or slow broadband connection, 81% picking crime levels, and 73% choosing transport links.

 

But why? In a previous post, we established the influence of smart technology in UK homes, so it’s no surprise that modern movers rely on the internet for work and leisure. A good connection speed can likely add 5% to a property’s value. Because of this, numerous estate agents have added broadband speeds and internet availability to their property listings, with the information attracting high levels of traffic.

 

The survey participants that stated poor or slow broadband connections would put them off purchasing property in a certain area were asked the reasons behind this. A vast majority (62%) admitted that they are used to fast broadband connections in their current homes and would struggle to settle for anything less. A further 27% declared that they need fast broadband speeds in order to work from home.

 

According to a study from another broadband comparison website, 54% of homebuyers consider the property’s broadband speed before moving in, compared to just 37% that looked at the crime rate. Additionally, alternative research suggests that the average homebuyer would be willing to offer an extra £6,500 on a property guaranteed to have excellent broadband speed.

 

Many rural areas of the UK remain victim to sometimes sluggish speeds of 2Mbps (megabits per second) or less, according to Broadband Choices. Over the next few years, the government aims to supply 95% of the UK with a superfast network, promising downloads at more than 30Mbps.

 

An increasing number of buyers now desire fibre-optic speeds, as they rely on good internet connection for streaming entertainment and working from home. This adds to the growing need for properties to have 21st century connectivity and speed.

 

Those polled were asked if they’d ever had concerns about the broadband connection or speed in an area they were looking to purchase a home in; 16% of participants said they had, with only 12% of proceeding to purchase said property anyway.

 

Here are the top five turn-offs for prospective property buyers:

  1. Poor/slow broadband connections - 88%
  2. Above average levels of crime- 81%
  3. A lack of local transport links/motorway access - 73%
  4. A lack of nightlife/shops - 64%
  5. A lack of local nurseries/schools - 58%