The latest buyer survey from Knight Frank has revealed that a superfast broadband connection or good mobile connection are becoming essentials for would-be property purchasers.
In fact, these features have passed those such as a good view!
Technological advances
Oliver Knight, Associate at Knight Frank Research, noted: ‘In an age of Wi-Fi, tablets and streaming, it is unsurprising that fast and reliable internet access is seen as a necessity among home movers.’[1]
‘Technology improvements, including fast, reliable internet have meant that working from home is a viable option for many, potentially cutting down on both commuting time and costs. This is likely to be particularly relevant for buyers in more rural property markets,’ he continued.[1]
Alongside looking at what buyers prefer in their property search, the survey also investigates what impact the stamp duty surcharge has had on budgets.
Results show that while 47% of people would be more likely to purchase a property with good internet connectivity, 41% have reduced their budget due to stamp duty. 14% are planning to stay in their property longer as a direct result of the changes.
Broadband and Wi-Fi now essential for home buyers
Life quality
In addition, the survey found that quality of life was the top motivating factor for property buyers, followed by up or downsizing. 30% of those questioned said that their preferred location for their next home is in a city. 25% of respondents said they were looking in a village, while 19% preferred the country.
Security and privacy were unsurprisingly the most important considerations when buying a new property.
Oliver Knight concluded by saying: ‘The wholesale reforms to stamp duty announced in December 2014, and subsequent introduction of a 3% surcharge for individuals purchasing additional properties, have succeeded in making buyers more price sensitive, and this has been factored in to asking prices and offers.’[1]
[1] http://www.propertyreporter.co.uk/household/is-good-broadband-essential-for-a-good-view.html