Brits would be willing to pay £1,500 extra for a home that has full fibre broadband – offering faster and more reliable internet connectivity – increasing property value by approximately 0.6% of the average UK house price. The research from Zen Internet follows the Government launching its new £5bn ‘Project Gigabit’, pledging more than one million hard to reach homes and businesses will have next generation gigabit broadband built to them.
The survey of over 2,000 UK adults reveals three quarters (75%) would not buy a home if they knew the connectivity in the area was poor. As a result, nearly eight in 10 (79%) homebuyers are calling for housing developers and estate agents to offer broadband quality tests before they move in.
Over one year since the first national lockdown, Brits have been forced to reconsider their future home-working environment and lifestyle. With reliance on remote-working and internet connectivity in the home at an-all time high, the majority of respondents (91%) stated the consistency and reliability of broadband connection is now more important than ever in the home-buying process.
Residents relationships with connectivityOf those surveyed, a quarter (25%) plan on buying a new-build property in the next 12 months. Whilst nearly three quarters (72%) cite the pandemic as a factor encouraging them to move, over a quarter
(27%) said their current home isn’t fit for purpose any longer, as they plan to work from home for the foreseeable.
Buyers motivated to move in order to work-from-home longer-term will be heavily reliant on their connectivity over the next year and beyond. Over two thirds (68%) believe housing companies and estate agents should ensure broadband is ready on move-in day, much like their other key utilities, such as electric, water and gas.
However, respondents revealed they waited nearly six days on average for their broadband to be connected, from previous moving experiences. During this time, 44% realised how dependent they were on the internet, 31% were frustrated they couldn’t look things up online, and as a result 17% ran up a higher mobile-data bill, of an average of £28 extra.
Richard Tang, Chairman and Founder at Zen Internet, comments: “The pandemic has undoubtedly prompted a shift in people’s relationship with their homes and their internet connectivity. Housing developers and estate agents would do well to work towards becoming even more adaptable to the needs of buyers, as well as being transparent about broadband quality in an area a client is looking to purchase in. Ultrafast broadband is a key commodity that modern home-hunters cannot compromise on in the homebuying journey and full fibre access can help boost average house-prices, as a result.”
Steve Mariner, Sales Director at Barratt Homes, comments: “We have certainly witnessed a shift in homebuyers’ priorities when considering a new home. Now more than ever, buyers not only need practical and comfortable living spaces but also reliable broadband, in order to be able to work-from-home. At Barratt Homes, we’re pleased to be able to offer a new unified service to ensure that ultrafast full fibre broadband is installed as standard across all of our new developments.”