HttpWebRequest may be taking a while to detect your proxy settings. Try adding this to your application config:
<system.net>
<defaultProxy enabled="false">
<proxy/>
<bypasslist/>
<module/>
</defaultProxy>
</system.net>
You might also see a slight performance gain from buffering your reads to reduce the number of calls made to the underlying operating system socket:
using (BufferedStream buffer = new BufferedStream(stream))
{
using (StreamReader reader = new StreamReader(buffer))
{
pageContent = reader.ReadToEnd();
}
}