Broadband and house prices

sliding house pricesWhether they know it or not, those who are still not engaged with the latest technology are going to feel its effects on what is most likely their main financial asset. A fifth of UK adults are prepared to pay more for a home with good broadband connection, says a report by Halifax.

Almost a quarter say they would also negotiate a lower rent or sale price when moving into a property with a poor broadband connection.

“Alongside outside space, private parking, and good transport links, a strong broadband signal is fast becoming a very significant feature of looking for a new home,” said Craig McKinlay from Halifax. “As superfast broadband is now the norm at work and on our mobile phones, there is a growing expectation that we should be able to enjoy a good broadband connection at home too.”

An unreliable internet connection is the second most annoying home issue, suggests the survey, behind noisy neighbours, but ahead of poor mobile phone signal, leaky taps, and creaky floorboards.

A separate report by the British Retail Consortium shows that online searches in the ‘Home and garden’ category between July and September were up 15 per cent compared to the same period last year.

“Technology is playing an increasingly significant part in all aspects of consumers’ lives,” said BRC Director General, Helen Dickinson. “Possibly one of the biggest decisions a consumer will make, taking out a mortgage, is now heavily influenced by online research with our data showing that online mortgage searches correlate strongly with mortgage approvals.

“Given this trend, it’s not surprising that we’re seeing people take to the internet to decorate and furnish their homes as well as finding the funds to purchase them. This is likely due to an increasingly healthy housing market as sales in these categories tend to be directly impacted by house sales.”

As reported in The Independent

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