A new survey conducted on behalf of Zen Internet suggests that the UK public would be willing to pay over £1,500 extra for houses with fibre-to-the-premises (FTTP) broadband
According to a new survey, Brit’s are becoming increasingly aware of the value of quality broadband connectivity and are willing to pay accordingly for its availability when buying a new home.
The survey, conducted by Censuswide on behalf of Zen Internet, questioned 2,026 UK adults about the importance of quality broadband when considering purchasing a new home. In total, 75% of respondents said they would not buy a home if they knew local connectivity was poor, with 79% saying they would like to see housing developers and estate agents offer broadband quality tests prior to sale.
The survey also showed that UK adults would be willing to pay an average of £1,514 more for homes that had FTTP connectivity, a figure that represents an additional 0.6% on top of the average UK house price as of the end of 2020.
Naturally, this growing appreciation for broadband quality has come as a result of the coronavirus pandemic shifting so much of our lives online, as well as the potential for work from home to continue indefinitely. The reliability of a homes broadband connection was deemed to be more important than ever in the buying process by 91% of respondents, while 68% said estate agents should ensure that broadband was accessible on move-in day, just like other vital utilities.
“The pandemic has undoubtedly prompted a shift in people’s relationship with their homes and their internet connectivity,” said Richard Tang, Chairman and Founder at Zen Internet. “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.”
While it is undeniable that broadband connection quality is of increasing importance for those looking to purchase a house, how this factor stacks up against others, such as size and location, remains unclear. Nonetheless, homes are rapidly becoming smarter and filled with more connected devices every year, the prominence of broadband is only going to increase. A recent study forecast the smart home market to be worth $622.59 billion by 2026, up from below $80 billion in 2018, meaning growth is expect to be explosive.
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