Poor broadband can knock £40k off average London home: study
Due to the global pandemic, many people have either chosen or have been forced to work from home.
The shift out of the office and into people’s homes has changed the importance of factors people consider when purchasing a new property. Now, if a house has poor broadband, it will knock the house price down by £40,000, according to a new study.
The Eutelsat study shows that a stable broadband connection has become so important that it’s now seen as even more vital than a garden (13 per cent), how a property looks (43 percent), double glazing (35 per cent), or being close to a shop (25 per cent) – many would even give up a bath or inside toilet in exchange for decent internet speeds.
The researchers found that poor WiFi is a concern for people in London with the intention to buy a property before the stamp duty holiday ends in March 2021. However, many would only consider buying a property with poor internet if it came with a discount of 18 per cent off the asking price.
The majority of people (80 per cent) said homes will need to be better equipped for working from home in the future and 77 per cent argue that it’s unacceptable that some people in the UK are still without decent connectivity.
“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”, commented Nicki Chapman, TV and radio broadcaster, specialising in property.
In the most expensive town in the UK, Virginia Water in Surrey, where the average asking price is £1.4m bad internet speeds could cost sellers almost £225k.