Thursday, 13 March 2014

Will Broadband Soon be a CML Handbook Concern?

There’s a buzz growing around the effect on house prices of slow broadband. The Telegraph weighed in last week, claiming that slow broadband wipes 20% off house prices.  The article led Darlington’s solicitor James Swede to blog that “given the apparent importance and value of an internet connection, if a buyer’s solicitor does not make an enquiry about that (broadband speed), it is far from inconceivable that he or she could be accused of professional negligence, especially given the research published above.”
Search website Rightmove adds a broadband speed checker to all of its listings alongside factors such as quality of local schools and transport links. And estate agents say broadband speed is so vital that buyers are walking away from a purchase if they discover that superfast speeds are not available in that area. Lenders will not want the find that they repossess a property only to find that there is a 20% reduction due to poor broadband.
Another question could be GPS location connectivity. Some properties are almost impossible to find on a sat nav. If a buyer intends to run a business from home that, too,  could be a problem.  I once tried to visit a lawyer at his home and gave after driving around for an hour as the sat nav could not find the address and the mobile connection in the area was hopeless.
With fast internet access becoming as much of a “right” as access to clean water and electricity, it’s not long before broadband becomes a mortgage concern. Perhaps, even, incorporated into the CML Handbook.

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