Broadband speed is a growing concern for vendors
As we move to online streaming from traditional broadcasting and favour online shopping over supermarkets, a fast broadband connection has become an important feature for potential homeowners – and therefore those wanting to sell to them.
For decades, the term ‘location, location, location’ has been a key consideration for potential home buyers perusing properties on the market, especially if they’re hoping to make a profit. Along with safe parking and a ‘room with a view’, a house that could satisfy this benchmark was always an easy sell.
Today, however, there are many houses that fulfil the aforementioned criteria, but won’t shift no matter how far the asking price is dropped – and the reason is simple: slow broadband access.
In rural areas, internet access has lagged behind larger cities in both speed and reliability; and as an ever-increasing number of workers perform their jobs remotely, or simply become self-employed, poor internet speeds count as a black mark against even the most lavish residences.
In a recent survey conducted by property consultancy firm Knight Frank, almost half of respondents stated that they would be more likely to buy a home with access to superfast broadband versus similar homes without.
Moreover, one in three prospective buyers will consult their agent or research an area’s infrastructure before buying to ensure a fast connection; while two-thirds of respondents believe fast web access rivals ‘a good view’ in terms of desirability, and is prioritised over secure parking.
“In an increasingly global and fast-paced world, the priorities of what buyers consider when purchasing a home have begun to shift,” said Ed Cunningham, a partner at Knight Frank.
“Moving forward it will be essential in the country markets that areas have strong broadband connectivity and mobile phone coverage, so residents do not feel they are compromising on lifestyle by living in the countryside.”
For many older generations looking to downsize who have never considered internet access a selling point – and as a result, have never invested in better connectivity – the chances of receiving their asking price are severely limited.
Of course, they can always use property buying companies who will purchase any home for cash regardless of internet speed at competitive prices, enjoying the benefit of a fast house sale without having to use an estate agent.
As the population continue to move towards a more open digital world, property selling experts believe that as time passes, a house without adequate fibre-optic broadband will ultimately find itself unsellable, losing the vendor vast amounts of potential profit.
Need to sell your home fast but worried about its appeal? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.