Some home-buyers now rank a fast broadband connection above off-street parking and local amenities. Also a high speed can add to a property’s value.
Broadband speed is important to all. Whether someone is buying a property to live in or to rent out as tenants also see this service as increasingly important. In fact, broadband is now considered the fourth utility.
According to Uswitch better broadband speeds can boost property values by around 3%.
The London School of Economics and the Imperial College Business School have studied data from the past 15 years. They have concluded that homes with the fastest internet connections had higher prices than similar properties with less speedy broadband.
Most affected are currently rural properties that are already cut off and lack of connectivity is contributing to rural depopulation.
Broadband providers are currently investing heavily in fibre optic. However, it could be many years before the whole of the country becomes super-fast connected.
Rightmove has recognised the importance of this in people’s property search.
Peoples lifestyles are changing and more people work from home and rely on the internet and a fast broadband connection. House sellers believe and probably rightly so that fibre optic broadband will increase their house value. At the very least there is certainly the argument that it makes a property more marketable.
Blog by Sharon Westman