A slow broadband connection could knock £40,000 off the cost of an average London home, a new study has found. And poor wifi speeds could cost sellers of more expensive properties as much as £225,000.

Slow broadband could reduce house price

The survey of Londoners, who intend to buy before the stamp duty holiday ends in March, revealed that a stable broadband connection is now placed higher up buyers’ wish lists than many traditional must-haves.

These include a garden, (for 13% of respondents), the property’s appearance (43%), double glazing (35%) or whether the home is close to a shop (25%). Some respondents claimed they would forgo a bath or even an inside toilet in exchange for speedy internet.

But the research, by satellite operator Eutelsat, found that some people would consider a home with poor wifi, as long as it came at the right price – a discount of 18%.

With so many of the capital’s residents working from home due to the coronavirus pandemic, researchers found that poor wifi is a major concern among London house hunters.

Most respondents (80%) believed properties need to be better equipped for home working with 77% agreeing that it is unacceptable that some people in the UK live in areas without decent connectivity.

According to Nicki Chapman, TV and radio broadcaster specialising in property: “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”.

Read more about this story on the City AM website.

About the author

Nicolas Holmes

Nick joined Robert Holmes to inject fresh ideas and help grow the New Homes department of Robert Holmes as well as helping to inject technology into the business and to grow its client base. Together with one of the Directors Nick is in charge of all Development opportunities that Robert Holmes deals with along with sales. Aged 40, he provides succession together with the two existing directors. Nick has always been focused on building client relationships and sales. He built up his own gallery in Chelsea, where he had a loyal following of customers and artists.

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