Kirsty and Phil’s famous television show says it’s all about ‘location, location, location.’ In this modern age however, internet speed has been found to affect house prices just as much as where a property is situated.
What’s more, it’s something of a top priority for many house hunters. 51% of potential buyers say that access to good internet connection is one of the most important things. This is significantly more than traditional features such as double glazing (35%), how a house looks (27%) and even proximity to shops (25%) according to research from Eutelsat.
Being able to surf the internet without any delays has become so important to us that one in seven would be willing to give up a bath for good broadband. Shockingly, 15% would even forego having a garden.
What exactly is the impact of this on house prices however?
A study conducted by ISPreview found that slow internet speeds can knock an incredible 24% off the value of your home. This is the equivalent of £38,902 off the average UK property.
While some people may be willing to compromise on superfast broadband in exchange for a cheaper property, another study found that half of buyers simply won’t compromise and would avoid an area with slow speeds completely.
While our love of social media, video content and streaming services such as Amazon Prime Video will have had a huge impact on this, more people are working from home than ever before so it means that fast and reliable broadband isn’t just a nice to have, it’s a necessity.
House hunters have made it clear that they’re not willing to relocate somewhere with a bad connection or slow internet speeds, and this is something sellers should be aware of before going on the market.
If you’re thinking about selling your property, you don’t need to call Kirsty and Phil. Give Brawband a shout, we’ll supply your home with the very best broadband and you’ll have potential buyers banging the door down.