A new survey of 2,119 readers of tech website ISPreview.co.uk has revealed that nearly three quarters (72%) of respondents would reject an otherwise ideal house if its broadband speeds were too slow.
In addition, the survey discovered that 23% said they’d simply negotiate a lower price and 5% weren’t bothered about broadband performance.
The study also asked how much respondents would be willing to pay for a house that came with “superfast broadband”, which in the United Kingdom tends to be defined as a download speed of greater than 24Mbps (Megabits per second). Interestingly 66.3% said they “wouldn’t pay extra” and 7.2% weren’t sure, although just over a quarter were willing to pay extra and of those 5.8% said they would pay as much as +2-3% more than the original asking price, with 4.7% also being willing to pay +4% extra.
According to Halifax, the average UK house price is currently £192,970 and 2% to 3% of that would add an extra £3,859.40 to £5,789.10 respectively to the total cost.
“For most people the purchase of a new home is the single biggest investment that they will ever make,” comments ISPreview.co.uk’s Founder, Mark Jackson. “As such it’s interesting to find that the vast majority of respondents to our survey would only tolerate, as a minimum, a broadband speed of above 25Mbps. The Government are making such speeds available to 95% of the UK by 2017, although remote rural areas will be the last to benefit and some may even suffer a loss of value if they’re found to deliver slower connectivity.”