A fast internet connection is now one of the most important factors for home buyers, according to a survey of 294 estate agents across the UK.
Questions about connectivity, usually full-fiber broadband, have increased 69% since the start of the pandemic, suggests Omdia’s research for telecom equipment maker Huawei.
34% of buyers are looking for speeds in excess of 300 Mbps and, according to 33% of real estate agents, can add £ 5,000 to the selling price of a home, while 23% want 1 Gbps.
Asked to name the single most important factor is for homebuyers:
- 23% said the size of the property
- 20% said the quality of broadband
- 18% said the number of bedrooms
- 10% said the age of the property is
- 9% said transport links
“In many cases, customers find a good internet connection a ‘must have’,” said James Hummerstone-Pope, of Purple Bricks.
“And poor Wi-Fi connection and poor mobile signal can be a problem.
“Broadband fiber definitely makes the properties more attractive.
“And sometimes people walk away from a property if they feel the broadband and phone signals aren’t good enough.”
- Vodafone will offer full fiber broadband to millions of people
- Half a million homes to upgrade broadband
The government has pledged to “bring full-fiber, gigabit broadband to every home and business across the UK by 2025”.
And research by telecom regulator Ofcom suggests 18.2 million homes (62%) already have access to 300 Mbps or faster.
But only a fraction pays for such fast speeds.
And the UK average speed is actually 50.4 Mbps.
In Scotland and the South West, good broadband is the most important factor for homebuyers, the survey suggests.
But London-based real estate agent Foxtons said that while buyers viewed the internet as important – “particularly since the start of the Covid-19 pandemic” – it has usually been overtaken by other factors.
“Choosing which property to buy is an incredibly complex decision that depends on a number of different factors,” said a rep.
“In our experience, price and perceived value for money, size and type of property, availability of outdoor spaces, as well as proximity to local amenities and schools are some of the most critical factors in decision making.”
- Real estate market
- Broadband connection
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