UK customers are paying 70% more than they need to for their broadband connections despite an ongoing credit crunch, a report from broadband comparison site Broadband Expert said.
The research carried out from January to July 2008 asked over 70,000 broadband customers on 8Mbps broadband packages what they paid for their connections and compared it to the deals currently available on the market revealing a huge disparity between the two figures.
The survey revealed that on average UK broadband customers pay 16.98 pounds (â‚¬21.5) per month for an 8Mbps broadband package, despite some providers offering a similar package for under 10 pounds (â‚¬12.6) a month. The survey also uncovered that BT and Demon customers pay the most, whilst Sky and O2 customers pay the least.
William Harvey, technical Director at Broadband Expert, said there are three main reasons consumers overpay for their broadband; firstly 'customers are not always aware that that broadband prices have dropped dramatically in the last few years. A customer who signed up for a broadband package 2 years ago could be paying 2 to 3 times the amount they would pay if they signed up to a similar or better package today'.
Harvey goes on to comment that the broadband providers could do more to 'ensure long standing customers are not overcharged by moving them on to the same pricing a new customer would receive'.
The final factor Harvey cites for not switching is perhaps the most surprising in the current economic climate 'some consumers are aware that they could save money by switching to a new provider but are not willing to spend the time to move to a different ISP.'