Does broadband speed affect house prices? We investigate.

Which ‘must-haves’ currently feature highest on the average home search checklist? Top choices have traditionally included: “Near an outstanding school”, “close to good transport links”, “convenient for local amenities”. But these days a new demand – “fast broadband speed” – has been added to buyers’ search criteria.

So, how important is internet usage when it comes to buying and selling homes? We examine the reasons why broadband speed is now an important factor for property buyers.

Why fast broadband has become a top priority for many UK homebuyers

According to the Annual Population Survey, in the pre-pandemic days of 2019 the average number of people working from home was 27%. In 2020, due to Covid-19 restrictions, that figure jumped to 37% but as pandemic restrictions were lifted this year, many workers returned to the office.

Despite a partial return to normal working life, working from home remains a desirable option for many workers and their employers. The knock-on effect has been a surge in interest in properties that offer more space and better broadband speeds.

What’s the average broadband speed in the UK?

Research by Compare Fibre, one of the UK’s leading broadband comparison sites, has revealed that a substantial £46,634 value could be lost on homes with slow broadband speeds. 24% of those questioned in Compare Fibre’s survey wanted speeds of 30Mbps or more.

For standard broadband, a reasonable broadband speed could be classed as anything from 11Mbps to 50Mbps, while a very fast speed would be 100Mbps or higher.

However, BT Openreach is currently installing full fibre broadband cables throughout London, offering speeds of one gigabit per second, or 1000Mbps.  

If you’re unsure of the current speed in your chosen area, you can run a broadband speed test on any UK postcode here.

Home entertainment

Home working has helped push broadband speed to the top of buyers’ priority lists, but it’s not the only reason why good speeds are desirable. The rise of streaming services has coincided with an increase in demand for home entertainment: buyers want high quality broadband services so they can enjoy video gaming and watch high quality films.

If you are looking for a new home with a great broadband speed and space for a home office, why not get in touch with us at Daniel Cobb?

We’d love to help you find the perfect property, at the right price.