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UK: Broadband speed boost sees home values jump by £3,500

Christian Fernsby |
The £2.6 billion government scheme to roll out superfast broadband to ‘commercially unviable’ parts of the UK sparked a surge in home values of up to £3,500, according to a new report.

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More than 96% of homes and businesses can now access superfast broadband, which provides a minimum of 30 megabits per second and fast enough to allow multiple people to hold video calls, watch high-definition movies and enjoy online gaming at the same time.

But as the government prepares to kick off its new £5 billion programme to roll out even faster gigabit broadband, Digital Secretary Oliver Dowden highlights that 11 million - or two in five - homes are yet to upgrade to superfast despite it being available in their area.

The independent review of the Superfast Broadband Programme, which secured faster connections for 5.5 million homes and businesses, found it had created £2.7 billion in economic benefits since starting in 2012, including:

A surge in the value of homes sold in programme areas between 2012 and 2019 by up to £3,500, a rise of 1.16% worth £1.52 billion

17,600 more jobs in programme areas, including 2,100 lifted from long-term unemployment creating an increase in gross value added (GVA) by £125 million

£1.1 billion gained in GVA through increased workplace productivity

The availability of faster coverage also helped power businesses and sparked a £1.9 billion increase in total annual turnover for firms based in areas upgraded through the programme.

The report, conducted by Ipsos MORI, concludes the programme’s value for money is continuing to rise. For every £1 invested by the government in the programme, an additional £2.70-£3.80 of economic and social benefits has been created in the UK economy.

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