An estimated third of employees spend at least some of their week working from home with high speed broadband rising up the criteria list for new house buyers. Evidence suggests that broadband speeds could affect the price that buyers end up paying for their next move.
An analysis of average house prices and broadband download speeds by local authority reveals that buyers spend, on average, 17% more for properties in areas with superfast broadband compared to areas where average speeds are less than 25 Mbps.
Some of this will be related to where broadband providers have historically focused their investment, ie, in more affluent areas, but with the major providers increasing their coverage, this effect will become more diluted. Indeed, the Government has committed to provide superfast broadband (at least 24Mbps) to at least 95% of UK premises.
There are a myriad of factors that affect local property prices but the influence of broadband speeds should not be underestimated with its importance to buyers set to continue to increase.
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Leeds Building Society improves its Buy-to-Let criteria
Leeds Building Society has introduced a greater degree of flexibility into its criteria, by announcing that it will no longer impose a maximum tenancy period for Buy-to-Let mortgages.
Criteria regarding tenancy agreements has improved throughout the market in recent years.
Rather than insisting on a maximum of just 6 to 12 months, most lenders now allowing tenancies of 2, and in some case 3 years.
Very few currently go beyond this however, so the move by Leeds has been welcomed by many.
With people renting for longer, and an increase in the number of families with children living in the rental sector, there is a definite need for more security of tenure.
Leeds has now opted to accept agreements for a time period which is suitable for both landlord and tenant.
This will provide more choice for those who would prefer to have a longer agreement in place and offer a greater level of security for both parties.
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