Superfast internet might seem like a minimum requirement in the UK but many shy away from it due to the fact that it’s still really expensive. In an effort to get more of us choosing faster internet then it looks as though prices could finally be coming down.

Openreach, the company which manages much of the UK’s internet infrastructure, has announced that it is cutting the wholesale price of its superfast broadband.

This is not a price cut for us as customers, instead it’s a cut in the price that Openreach is charging the ISPs that use its cables and exchange boxes.

That means companies like Sky, TalkTalk and BT will be paying less for the fastest internet connections. In some cases it would reduce its wholesale pricing by up to 40%.

However there is a catch, Openreach’s price cut is entirely dependant on those companies getting more and more people to sign up to superfast internet connections (any speed of or above 24Mbps).

What does that mean for you? While it’s unlikely you’re going to see the prices drop straight away, this price cut is a huge incentive for companies like TalkTalk and Sky to convince you to upgrade, which inevitably means they’ll offer lower prices and better deals.

Clive Selley, CEO Openreach, said: “This offer is a win/win for Communications Providers, their customers and Openreach. It will help Britain’s homes and businesses to experience the benefits of faster and more reliable broadband. And it will incentivise our wholesale customers to participate in our long-term investment in digital infrastructure by upgrading more of their customers to superfast and ultrafast services.”

Openreach’s superfast network is available to 28 millions homes, however just 10 million households and business are actually using it.

The hope is that by encouraging ISPs to get more of us to upgrade, Openreach can actually get the vast majority of the UK onto superfast or ultrafast internet connections within just five years.

Openreach recently announced that the company would be rolling out its ultrafast internet connection to 59 new towns and cities.