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Homes with the best broadband speed are the cheapest!

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With Labour’s plans to give away free broadband if they get elected, national fast sale estate agent, Springbok Properties, has looked at the current house price cost in areas with the best broadband speed and how it varies across the board. 

Springbok Properties looked at each category of broadband speed across every constituency in the nation and how house prices in these areas corresponded, as well as looking at the best and worst areas when it comes to house price cost for every megabyte per second of broadband speed.

The data shows that on average, homebuyers are paying £5,324 in house price costs for every one of the 48.79 megabytes per second of broadband speed.

Perhaps surprisingly though, the lowest average house price is found in areas with the highest broadband speed, an average of £189,077 for homes with 70+mbps.

The sweetest spot for property values? Between 50Mpbs to 60Mbps with the average house price in areas with this broadband speed hitting £283,959.

But where is home to the best value?

When looking at the best value based on the cost of property paid for every Mbps of broadband speed, Liverpool Walton comes out on top with an average broadband speed of 61.3 and an average house price of just £75,000 meaning homeowners pay just £1,223 in property prices for every Mbps.

Kingston upon Hull East was the next best value (£1,253), with Burnley (£1,585), Great Grimsby (£1,605) and Aberavon (£1,624) also amongst some of the best value spots in the UK for a mix of house price value and good broadband speed.

At the other end of the table, the Cities of London and Westminster ranks as the worst constituency for broadband property price value. With an average house of £1,115,000 and a dire average broadband speed of 24Mbps, it costs home buyers £46,458 in property prices for every Mbps of broadband speed.

London dominates the worst value areas with Kensington, Westminster North, Chelsea and Fulham and Bermondsey and Old Southwark also amongst the worst value.

On a regional level, London is also the worst value at £9,066 for each Mbps, while the North East provides the best value at £2,670 for each Mbps.

Founder and CEO of Springbok Properties, Shepherd Ncube, commented: 

“It’s amazing how something like broadband has become such an integral part of our day to day lives that it now influences everything from political promises to home buyer choice, but while good broadband can clearly influence a buyer’s decision, it seems that the homes that benefit from the very fastest speeds are actually the most affordable of them all. 

This suggests that although broadband speed is important, it isn’t the most influential bargaining chip when it comes to negotiating price as long as you aren’t stuck in the dark ages or in a Wifi blackspot.”

Property

Cost of maintaining a buy-to-let hits £12k a year in parts of the UK

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Leading property management platform, Howsy, has looked at the cost of maintaining a buy-to-let property each year and how this varies across the UK.  

Buy-to-let can be a tricky business if you don’t tackle it properly and there are a whole host of costs that can trip up the amateur investor. From the more obvious additional three percent stamp duty tax, to various other tax implications, void periods, mortgage costs, agency fees, the cost of finding a tenant, and more, Howsy’s previous research shows the average buy-to-let brings an annual return of just £2,000.

With the Government’s continued attack on UK landlords, making the most out of your investment financially can be tough and even when you consider all financial commitments for a property, many can still be caught unaware by out of the blue maintenance and repair costs. 

Buy-to-let landlords should squirrel away savings in anticipation of these events and an industry rule of thumb is an annual budget equivalent to 1% of your property’s value. 

So what does that equate to?  

Across the UK landlords should be tucking away an annual budget of £2,344 to cover repairs and maintenance, with this rising to £4,746 in London, with the North East home to the lowest repair costs at just £1,328. 

Of course, markets with higher rent returns may seem promising from an investment standpoint but the higher the reward, the higher the cost when things do go wrong. In Kensington and Chelsea, this annual 1% saving climbs to an eye-watering £12,292, hitting nearly £9,000 in both the Cities of London and Westminster.  

Outside of London, South Bucks and Elmbridge are home to the most expensive buy-to-let maintenance costs at £6,091 and £6,019 respectively.

Head to the likes of Burnley or Blaenau Gwent however, and this yearly maintenance budget drops to less than £1,000 a year.

Founder and CEO of Howsy, Calum Brannan, commented: 

“The buy-to-let sector can be a minefield for the amateur investor and now more than ever, it’s imperative that you do everything you can to maximise the return on your investment.

While technology now allows a greater level of control and service when managing your investment at a lower cost via online platforms, it isn’t just about the financial side of things. Providing a fit for purpose property is not only a legal requirement but essential to ensure a happy tenancy and a reduction in void periods.

Of course, things can go wrong and having the budget available to fix them is a must. In the worst-case scenarios, a cash pot equal to one percent of your property’s value might not be sufficient, but it should cover you for most eventualities and is a good benchmark to start on.

As with all buy-to-let investments, good preparation, organisation, and education are key, and whether you go it alone or have a great management agent if you stay on top of things, a bricks and mortar investment is still one of the best you can make.” 

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