A fast internet connection is now one of the most important factors for homebuyers, according to a survey of 294 estate agents across the UK.
Questions about connectivity, usually “full fibre” broadband, are up 69% since the pandemic began, the research, by Omdia for telecoms equipment maker Huawei, suggests.
Speeds of more than 300Mbps are being sought by 34% of buyers – and, according to 33% of the estate agents, can add £5,000 to the sale price of a home – while 23% want 1Gbps.
Asked to name the single most important factor is for homebuyers:
- 23% said the size of the property
- 20% said broadband quality
- 18% said the number of bedrooms
- 10% said the age of the property is
- 9% said transport links
“In many cases, customers feel that good internet is a ‘must have’,” James Hummerstone-Pope, from Purple Bricks, said.
“And poor wi-fi and a bad mobile signal can be a deal breaker.
Fibre broadband definitely makes properties more appealing.
“And people will sometimes walk away from a property if they feel the broadband and phone signals aren’t good enough.”
And research from telecoms regulator Ofcom suggests 18.2 million homes (62%) already have access to 300Mbps or faster.
But only a fraction pay for such high speeds.
And the average UK speed is actually 50.4Mbps.
In Scotland and the South West, good broadband is the most important factor for homebuyers, the survey suggests.
But London-based estate agent Foxtons said while buyers considered the internet important – “particularly since the start of the Covid-19 pandemic” – it was usually outweighed by other factors.
“Choosing which property to purchase is an incredibly complex decision that depends on numerous different factors,” a representative said.
“In our experience, the price and perceived value for money, the size and type of property, provision of outside space, as well as proximity to local amenities and schools are some of the most critical factors in the decision-making process.”