As anyone who has ever bought or sold a house can testify, there are a myriad of factors that impact on price points. While some of these are historic trends that have managed to stand the test of time, however, there are others which are new and heavily influenced by technology. Take broadband speed, for example, as according to some property experts slow or unreliable connections can reduce valuations by as much as 20% in the current market.
While this may seem fanciful, it has far more merit when you consider the sheer influence that technology has on our everyday lives. After all, we use the Internet to perform a range of everyday personal and professional tasks, from ordering food and streaming live entertainment channels to checking our work emails remotely. This makes a quick and functional broadband connection critical, especially in remote areas where people often have to commute long distances to work on a daily basis.
In addition to this, we must also consider the mind-set that exists in a technology driven and financially motivated climate. More specifically, people are increasingly impatient and demanding of instant results in modern times. Regardless of our goals or the tasks we wish to complete on a daily basis, speed is of the essence and we have minimal tolerance for unnecessary delays, particularly when finance is involved.
With the factors in mind, the demand for functional and fast broadband remains more insatiable than ever before. Property firm Rightmove recently confirmed that research conducted among 3,000 respondents uncovered broadband as a leading priority for potential buyers, with this ranking even higher than transport links and schools. In fact, buyers are even walking away from deals if areas have poor broadband performance, meaning that regional property prices are being impacted severely.
Rightmove has even added a broadband speed checker to every single listing on its website, enabling viewers to compare this with alternative properties and regions. This can also be considered in line with more traditional data sets, such as those that cover floor plans, pricing and the local school catchment area. So even if you are struggling to consider broadband as a key factor when buying a home, this is becoming increasingly influential in the decisions being taken by buyers.