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.
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.
