Connect with us

Hi, what are you looking for?

Business

Property's energy efficiency 'important' to nine in 10 home buyers

Given soaring energy prices, a home's energy efficiency is important or very important to 88% of potential buyers, with 45% saying it was

Would you choose good insulation over a large garden? These are the energy-saving features Brits buy the most

  • Energy efficiency is ‘important’ to nearly nine in 10 property buyers
  • More than half want a well-insulated home, study finds
  • A fifth of Britons would not consider a home with an EPC below grade C
  • We take a look at the energy saving features most sought after by house hunters

Home hunters are placing increasing importance on a property’s energy efficiency as the cost of utility bills remains high, according to a new study.

A home’s energy efficiency is now considered important or very important by nearly nine in 10 (88 percent) potential buyers, according to research by Bloomberg Intelligence.

And a separate study by mortgage broker Mortgage Advice Bureau shows that almost half (46%) of potential buyers would choose good insulation over a bigger garden.

It comes as the government announced plans to give middle-income households grants to improve their insulation, extending a scheme already on offer to low-income people.

This lines up with Bloomberg Intelligence research, which found that 55% of homebuyers are looking for a well-insulated property, making it the most popular energy-efficient feature.

Almost four in ten said they wanted a modern, energy-efficient boiler and a similar number mentioned double-glazed windows.

Heat pumps were less sought after, with only 12% saying they want one in their next home.

Homeowners can currently apply for a government grant to get one of the devices, which replace a traditional boiler.

Energy performance certificates were seen as more important, with almost a quarter of those polled by Bloomberg saying they were looking for an EPC rating of A or B.

The grass isn't always greener: 46% of Britons say good insulation is better than a big garden when looking for a new home

The grass isn’t always greener: 46% of Britons say good insulation is better than a big garden when looking for a new home

EPC is a rating system that ranks properties between A and G, with an A rating being the most efficient and G the least efficient. The most common EPC rating for homes in the UK is D.

Some mortgage lenders also offer slightly reduced mortgage rates or cashback to those who buy a property with an EPC rating of A or B.

Related:  Water Pumps Market Technology Development 2021: Demand and Supply Forecast Up to 2026

According to research from the Mortgage Advice Bureau, a fifth of Britons would not consider a house with an EPC below C.

Survey

How important is energy efficiency when buying a home?

  • Very important 0 votes
  • Rather important 0 votes
  • Not important 0 votes

Brian Murphy, head of loans at the Mortgage Advice Bureau, said: “We are seeing more and more buyers placing greater emphasis on energy efficiency because having a higher EPC will likely mean lower energy bills. for the owner.

“It’s something everyone is interested in, with the cost of living crisis showing no signs of abating.

“What many may not know is that by buying a higher rated property, you could also become eligible for a green mortgage, a specialized mortgage for someone who owns an environmentally friendly home.

“This means that not only will you get a reduction on energy bills, but you can also benefit from a cheaper mortgage rate.”

Bloomberg Intelligence found that younger city home buyers were most likely to prioritize energy efficiency.

Londoners were more likely to say energy efficiency was very important to them than Britons living in other parts of the UK, and first-time buyers were much more likely than average to say energy efficiency was very important.

Yet their selection of key energy-efficient features, compared to most respondents, places less emphasis on insulation and efficient boilers.

Iwona Hovenko, property analyst at Bloomberg Intelligence, said: “First-time buyers, particularly in London, are much more likely than average to say energy efficiency was very important to them in our survey, with a key energy efficiency for 90% of all buyers.

“However, their selection of key energy-efficient features, while aligned with most respondents, places less emphasis on insulation and efficient boilers, signaling a potential lack of knowledge.

“In particular, simple energy-saving features are favored by buyers over more complex heat pumps.

Best Mortgages

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Business

If range anxiety is putting you off the idea of owning an electric vehicle, pause for thought for one married couple planning to embark...

Business

When the government announced help with household energy bills last year, businesses were initially left without support, despite higher costs. Following backlash from the...

Business

Victoria Scholar of Interactive Investor explains why the FTSE 250 could outperform the FTSE 100 in 2023 Victoria Scholar is Head of Investments at...

Business

Base rate bounce: Chase, Tandem and Newcastle BS raise easy-to-access savings rates following Bank of England hike Tandem Increases Instant Access Savings Rate to...