A fast internet connection is becoming increasingly attractive to prospective home owners both globally and in South Africa.
A recent poll in the UK of 3000 participants revealed that 60% of people thought fast broadband was more important than having an extra bedroom, nice neighbours or a garden. Approximately 50% said it’s more important than local transport links and having close access to good restaurants or a gym. Aside from the erm… anti-social tendencies it might reveal, it indicates that fast internet is starting to trump the importance of local amenities, other mod cons and property features.
According To US Trends Fibre Can Boost Your House Value With 3.1%
A study conducted by the FTTH Council Americas, that’s Fibre To The Home for those not in the know, confirmed that homes are easier to sell and rent when they have a Fibre connection. According to a consulting firm in the US, RVA LLC, buyers of houses and apartments are willing to pay a 2% premium for a Fibre-connected home, and renters are willing to pay 15% more on average for homes that have Fibre, than those that don’t. They believe that the typical home would experience a boost in value of about 3.1% or $5,437, that is roughly R80,000 according to the current exchange rate.
UK House Buyers Are Willing To Pay £23,000 More For Speeds Of 100 Mbps
The recent survey in the UK showed that those hunting for houses would pay £23,000 more for speed of 100 Mbps. According to this same poll 70% of people check the available broadband speed before moving. And this number has increased with 8% from 2015. One third of people actually said that they would delay moving simply because they had already had their broadband set up at their current property. This means fast internet is making an impact on the behaviour of thousands of people when it comes to whether they will move from or remain at a property.
Those responding to this poll explained that if they saw a property received speeds of less than 9 Mbps, they would not buy the property at all. The majority of respondents expected the minimum speed to be 18 Mbps.
Taking all of this information into consideration, we are sure to see a boost in property prices in South Africa when it comes to Fibre-enabled homes.
Top Tip: If you have a Fibre connection, make sure to advertise it prominently when selling your home.
Check our Fibre map to see whether you have access in your neighbourhood. If not, leave your details on the map, and we’ll let you know as soon as it is about to be rolled out in your area.