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Cheap broadband deals and faster connections are being shunned by millions of consumers, a survey suggests.

In a new study conducted by Consumerchoices.co.uk, it was discovered that over the last four years the average cost of broadband has fallen by 37 per cent. Meanwhile, the average broadband connection speed has risen by 700 per cent.

However, despite the incentive to change to take advantage of more favourable terms, half of the 10,000 broadband customers surveyed by the site have not switched broadband supplier in the last four years.

The downward trend of home broadband pricing is perhaps most evident in the appearance of broadband packages such as AOL’s Wireless Flexi Off Peak deal. Priced at just £4.99 per month for the first three months and £9.99 thereafter, this entitles subscribers to an impressively fast 10Mb connection.

Meanwhile, the TalkTalk’s Essentials deal is at just £6.49 per month over the full contract term and features an 8Mb connection. For a limited period, this also includes free connection worth £29.99.

Jessica McArdle, marketing manager at Top 10 Broadband, described the figures as “astonishing” in the light of the squeeze that the credit crunch has put on consumer budgets.

She added: "Paranoia about overspending seems to be putting a freeze on people's uptake of new packages despite the potential savings that can be made.

“Of course this freeze is counter-productive as those who are strapped for cash could really benefit from switching to save at this time when home broadband starts at just £5.99 a month."

Top 10 Broadband customers can currently also take advantage of a number of recently launched incentives with free gifts. These include a BT promotion, whereby signing up for any of the company’s home broadband packages entitles them to a case of wine worth £50.

Be Broadband, meanwhile, is offering all customers a £24 voucher to spend at online retailer Amazon.

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