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Slow broadband can knock up to 20 per cent off the value of your home and could even stop it selling, Money Mail can reveal today.
Last week, we told how residents of a new-build development in Barnsley, South Yorkshire, endured internet speeds so slow it could take an afternoon to download a film.
Estate - Agents - Speeds - Information - Property
Estate agents routinely display estimated speeds alongside marketing information and property experts believe it is a buyer's right to know if a home has a poor connection.
One buyer, who discovered their new home had no broadband coverage at all, even took their complaint against an estate agent to the Property Ombudsman — and won.
Property - Expert - Buying - Agent - Henry
Property expert and buying agent Henry Pryor says: 'Houses without a connection or with slow download speeds can be worth up to 20 per cent less. The internet is now the fourth utility after gas, electricity and sewage.'
Telecoms watchdog Ofcom has warned that nearly 700,000 'forgotten homes' across the UK do not have broadband fast enough to meet a typical family's needs — it considers a 'decent' connection one with a download speed of at least 10 Mbps.
Broadband - Property - Price - Mark - Hayward
'Slow broadband can definitely impact a property's price,' says Mark Hayward, chief executive of industry body the National Association of Estate Agents. 'In some instances it can make a property very difficult to sell.'
Buyers who'll need to work from home, such as families and young professionals, are more likely to be put off by low broadband speeds, estate agents say.
Properties - Broadband - Hit - Areas
And properties with poor broadband are more likely to take a hit in urban, rather than rural, areas.
However, fast broadband is increasingly essential. Mark adds: 'Buyers have come to take for granted the fact they will have fast broadband so fewer people ask about it.'
Buyers - Broadband - Difference
But savvy buyers do. 'Poor broadband can be the difference between buying or renting...
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