Property sector to be affected by broadband

A recent report has suggested that the UK’s property market could be seriously affected by broadband services, with lack of broadband in some areas likely to seriously affect recovery in the property market.
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The property market has been one of the main victims of the global credit crunch, which swept across the nation over two years ago. With mortgages drying up, property valued plummeting, and consumer confidence plunging, the property market all but ground to a halt at one stage, with some homeowners in too much negative equity to sell their homes and many buyers unable to get the finance to buy a home.

However, just as officials have started to speculate about green shoots in the property market, suggesting that there could be some level of recovery on the way, other reports have indicated that lack of broadband services could have a serious effect on recovery in some areas of the UK, and could hinder recovery of the property market in these areas.

High speed broadband is seen as a real economic driver, and officials have said that in areas where there is restricted or no access to broadband services the appeal for businesses and for potential property purchasers will be very limited. Lack of broadband services will therefore have a huge impact on the level of recovery in different parts of the UK, according to the report.

A survey that was recently carried out reflected just how important higher speed broadband is to many people in the UK. The results of the survey showed that around three quarters of people in the UK would give up on buying their dream home it if was in an area that offered broadband speeds of 1Mbps maximum.

Source – Cable