The latest buyer survey from Knight Frank has revealed that a superfast broadband connection or good mobile connection are becoming essentials for would-be property purchasers.
In fact, these features have passed those such as a good view!
Oliver Knight, Associate at Knight Frank Research, noted: ‘In an age of Wi-Fi, tablets and streaming, it is unsurprising that fast and reliable internet access is seen as a necessity among home movers.’
‘Technology improvements, including fast, reliable internet have meant that working from home is a viable option for many, potentially cutting down on both commuting time and costs. This is likely to be particularly relevant for buyers in more rural property markets,’ he continued.
Alongside looking at what buyers prefer in their property search, the survey also investigates what impact the stamp duty surcharge has had on budgets.
Results show that while 47% of people would be more likely to purchase a property with good internet connectivity, 41% have reduced their budget due to stamp duty. 14% are planning to stay in their property longer as a direct result of the changes.
Broadband and Wi-Fi now essential for home buyers
In addition, the survey found that quality of life was the top motivating factor for property buyers, followed by up or downsizing. 30% of those questioned said that their preferred location for their next home is in a city. 25% of respondents said they were looking in a village, while 19% preferred the country.
Security and privacy were unsurprisingly the most important considerations when buying a new property.
Oliver Knight concluded by saying: ‘The wholesale reforms to stamp duty announced in December 2014, and subsequent introduction of a 3% surcharge for individuals purchasing additional properties, have succeeded in making buyers more price sensitive, and this has been factored in to asking prices and offers.’