Slow broadband speed reduces UK house prices by an average of 24%

Slow internet connections can reduce house prices in Britain by an average of 24% according to a report by online estate agents Housesimple.

The report focused on 20 roads with the slowest broadband speeds in Britain, and compared the average house price with neighbouring streets. Only 27 properties were sold over the last year across all 20 streets.

House prices fell by 62% when compared with the postcode district average on Coppice Farm Park, in St. Leonards, Tring, where homes were worth £211,333, compared with £556,974.

Broadband speeds in Blackstone Avenue, Glasgow, are 0.7Mb/s, and the UK average is 46.2Mb/s. Average house prices on Blackstone Avenue are £90,800, 45% below the £165,500 average for that postcode district.

Sam Mitchell, Housesimple’s chief executive, said: "Broadband is now considered the fourth utility after water, gas and electricity, such is our reliance on a fast internet connection at home for everyday tasks such as food shopping and watching the television. And having a fiendishly slow internet connection at home can really affect the saleability of a house.  

"Buyers may be reluctant to purchase on a street where broadband speeds are so slow that they can’t do simple tasks such as open multiple web pages concurrently, speak to friends on social media channels and download movies, let alone work from home.  

"It is often one of the first questions asked by buyers when viewing, ‘How fast is the broadband connection?’ along with the quality of the local schools and reliability of the transport links."

Image courtesy of Kerdkanno/Dreamstime

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