Half of Isle of Wight homebuyers would withdraw from a property purchase if the broadband speed was too slow, according to a recent survey from Barratt Homes.
With connectivity now a crucial part of many people’s lives, the leading housebuilder’s research suggests it is also a hugely important factor when choosing a new home.
In a survey of 1,000 people carried out by Barratt in May 2022, respondents living across the south coast were asked “would you pull out of a property purchase if you found out it had slow broadband speed?”
Half of respondents (50%) living on the Isle of Wight said they would, in fact, turn their backs on a property if it meant they’d have a slower connection to the Internet. This was interestingly compared to a higher proportion in the mainland counties of Hampshire (55%) and Dorset (51%), however.
Surprisingly, retired people were also one of the most likely groups to withdraw for slow broadband with 67% saying they would not proceed, second only to students (80%) but more than those who work from home full time (62%) and work from home part time (45%).
With the pandemic emphasising our need for reliable, secure, and fast broadband, Tammy Bishop, Barratt Homes Sales Director, Southampton Division, said it’s no wonder it’s becoming a huge factor when buying a home.
She said:
“It comes as no surprise that broadband speed is impacting a buyers’ choice of property. With more people moving to remote working since the pandemic, and streaming services, such as Netflix, becoming the norm, connectivity is being put firmly into the category of essential utilities like electricity and water.
“It is also interesting to see that retired people are wanting to stay connected too – possibly brought about by the need to keep in touch with friends and family remotely during the Covid lockdowns.”
With Island buyers the least likely to pull out of a purchase because of its broadband speed, however, Tammy suggests there could be an obvious reason for this.
She added:
“With our research showing that buyers on the Isle of Wight are less likely than their mainland neighbours to discount a property because of Internet speed, it could show that Island residents are less reliant on their online connectivity – perhaps preferring a slower pace of life.”
Barratt Homes is building new homes on the Island at St George's Gate in Newport, all benefitting from high-speed broadband.
In line with government targets for 85% of homes to have gigabit broadband access by 2025, Barratt has announced that all its new sites will include this new future-proof broadband service.
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