How Does Broadband Speed Relate to Property Prices

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Following the promise by the Labour Party to give everyone in the UK free broadband if they win the December election, estate agent Springbok Properties, has looked at the current property price cost in areas with the best broadband speed and how it varies across the board.

They looked at each category of broadband speed across every constituency in the nation and how property prices in these areas corresponded, as well as looking at the best and worst areas when it comes to house price cost for every megabyte per second of speed.

The data shows that on average, homebuyers are paying £5,324 in property price costs for every one of the 48.79 megabytes per second of broadband speed.

Perhaps surprisingly though, the lowest average property price is found in areas with the highest broadband speed, an average of £189,077 for homes with 70+mbps.

The sweetest spot for property values? Between 50Mpbs to 60Mbps with the average house price in areas with this broadband speed hitting £283,959.

When looking at the best value based on the cost of property paid for every Mbps of broadband speed, Liverpool Walton comes out on top with an average broadband speed of 61.3 and an average house price of just £75,000 meaning homeowners pay just £1,223 in property prices for every Mbps.

Kingston upon Hull East was the next best value (£1,253), with Burnley (£1,585), Great Grimsby (£1,605) and Aberavon (£1,624) also amongst some of the best value spots in the UK for a mix of house price value and good broadband speed.

At the other end of the table, the Cities of London and Westminster ranks as the worst constituency for broadband property price value. With an average house price of £1,115,000 and a dire average broadband speed of 24Mbps, it costs home buyers £46,458 in property prices for every Mbps of broadband speed.

London dominates the worst value areas with Kensington, Westminster North, Chelsea and Fulham and Bermondsey and Old Southwark also amongst the worst value.

On a regional level, London is also the worst value at £9,066 for each Mbps, while the North East provides the best value at £2,670 for each Mbps.

Founder and CEO of Springbok Properties, Shepherd Ncube, commented: ‘It’s amazing how something like broadband has become such an integral part of our day to day lives that it now influences everything from political promises to home buyer choice, but while good broadband can clearly influence a buyer’s decision, it seems that the homes that benefit from the very fastest speeds are actually the most affordable of them all.

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