A properties value could vary by as much as 20% based on how fast or slow the broadband connection is according to a BBC property expert.
Henry Pryor, the BBC property expert said that broadband speed is now regarded as the fourth utility along with electricity, gas and water.
“I was involved with a survey that looked at the impact of broadband speed on people looking to buy or rent and the potential impact on prices and we found a home without at least a standard broadband connection could be worth up to 20 per cent less than a comparable property.
Broadband in my view is effectively the fourth utility as so much of life now requires decent broadband connection especially when you look at how much we deal with things online such as banking or controlling your appliances when you are away.”
As we reported last week, Rightmove have now started to list the average broadband speeds for every property that it lists, meaning that visitors to their site will be able to get a good idea of the broadband speeds available for every property that they view on Rightmove.
This just goes to show the importance that people now place on their internet connection, having a slow broadband connection can hinder or stop people from performing what many would consider everyday things now, for example streaming TV online or even make working from home less feasible if they can’t get their work done on slower broadband connections.
As the government has set a target of 95% coverage of the UK with superfast broadband by 2017, this should mean that 95% of premises should be able to connect to a broadband connection of 24mb or above. Those without these sort of speeds could well and truly be left high and dry if there isn’t sufficient advances to help cover the remaining 5% of premises with other technologies.