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Meanwhile, 24 percent of respondents in the survey said a home should have a broadband speed of 30Mbps or greater.
This is the rate that Ofcom considers to be “superfast”, but only 69 percent of homes in the UK can reach this speed which is 27.8 million households in the UK.
Around 8.6 million homes in the UK can’t get “superfast” broadband meaning that nearly a third of homes sold each year have slower broadband.
The average house price in the UK is around £245,443, as of October 2020.
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Survey respondents were asked how much they would offer for a house with slow broadband.
For those who may be unsure, conveyancing is part of the legal process that takes place when you are transferring a property from one owner to another.
It includes an exchange of contracts, agreeing upon the contract details and passing the legal titles over when the process is complete.
Mr Harriot explained that if something is missed off during this process, the seller could end up with more problems down the line.
He continued: “Even sellers have to have conveyancers and if they knowingly miss information then they can also find themselves with some problems.
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“For example, if a property was known to have Japanese Knotweed which is a really strong weed that can penetrate concrete and other hard surfaces.