Homes with slow internet sell for up to £40,000 less than asking price
Homes with slow internet sell for almost £40,000 less than the asking price – as half of buyers refuse to even view properties with sluggish speeds
- Homes with poor internet sell for £40,000 less than the asking price, study finds
- Post-pandemic, 39% of buyers refuse to even view homes with sluggish internet
- The research comes amid a rise in working from home due to Covid lockdowns
Poor internet connectivity could knock up to £40,000 off the asking price of the average home, according to research released today.
Buyers revealed they would only be willing to buy a property with slow broadband if it came with a huge 16 per cent discount.
For the average British home, it could knock a staggering £38,902 off the market value.
In the most expensive town in the UK, Virginia Water, Surrey, where the average asking price is £1,400,000, sluggish internet speeds could cost sellers almost £225,000.
A third of home buyers would refuse to even view a property if sluggish broadband speeds prevented them from getting online (stock)
The demand for faster broadband speeds has been driven by the rise of working from home during the pandemic.
A third of home buyers would refuse to even view a property if sluggish broadband speeds prevented them from getting online, according to research carried out by satellite operator Eutelsat.
While more than half of us would shun an entire area when searching for a property to avoid slow speeds.
James Soames, marketing director for Eutelsat, said: ‘Connecting reliably to broadband, particularly in rural areas, has been a real pain point for many of us in the UK.
‘Given the huge switch to working from home this year, fast, affordable and easily available service is needed more than ever.’
Being able to access the world wide web is now among the most important things 51% of house hunters look for in a property.
For the average British home, poor broadband could knock a staggering £38,902 off the market value of a home. Pictured: How much the value of a home is affected in each of England’s regions, as well as Northern Ireland and Scotland
The study found those surveyed valued the internet quality over the look of the home, their need for double glazing and being close to a shop.
One in seven would also give up a bath in order to be able to gain access to decent broadband, while 15 per cent would say goodbye to a garden.
More than one in twenty would even give up inside toilets in favour of a speedy internet connection – a hardy seven per cent.
Clearly the vast majority of us are not happy that people are still not able to access decent internet with 82 per cent saying it is simply ‘unacceptable.’
It is estimated as many as 466,000 properties across the UK still face the issue.
The impact of poor internet speeds have been felt throughout the pandemic by the 43 per cent of us who have regularly been working from home.
A total of two-fifths (39 per cent) of those say their productivity has been impacted by their home internet.
The research came as it emerged many buyers are looking to move during the Stamp Duty Holiday.
Being able to access the internet is now among the most important things 51% of house hunters look for in a property (stock)
Earlier this year Chancellor Rishi Sunak announced the threshold on stamp duty would be raised from £125,000 to £500,000 for those buying homes in England and Northern Ireland.
The move is estimated to have added up to £30,000 onto the average property price.
One in five people revealed they are looking at ways to buy before the March 2021 deadline.
Nicki Chapman, TV and Radio broadcaster specialising in property shows, said: ‘This research shows two fifths of people living in cities want to live more rurally.
‘While dreams of less pollution, more space and a slower pace of life may come true, without proper research into all the latest providers, those who do make the move could find themselves with the nightmare of connectivity issues.
‘It really is shocking that in 2020 when people are looking at new ways to live their lives, hundreds of thousands of people aren’t able to stream the latest box-sets, look up the latest news or work from home’.
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