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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Our new banner has arrived today ready for tonight, and it looks great!! We are proudly sponsoring the Pink Wig event which is part of Falmouth Week and raises funds for vital research projects, the best care for breast cancer patients in Cornwall and a safer future for the next generation.
The Bank of England decided unanimously to hold the base rate at 0.25% in November, despite suggestions back in August that a further rate cut was possible.
Following Britain’s vote to leave the European Union back in June, economic activity was widely expected to weaken.
This could have triggered a further cut in rates.
However, markets have proved resilient, and economic growth has been higher than expected. The more positive economic outlook means rates are on hold for now.
A change in rates has not been ruled out though. The Monetary Policy Committee, which sets interest rates, indicated that they would move rates in either direction to respond to changes in economic outlook.
Factors which could affect their decision include rising inflation, or the cost of living, and the impact of Brexit.
According to the Bank of England, inflation is set to increase sharply next year. If it exceeds the Government’s 2% target, the Monetary Policy Committee may decide to raise the base rate.
However, if Britain’s negotiations over how we will leave the EU affect business activity and supply growth, this could lead to a cut in rates.
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