First-time buyer



Energy efficiency

May 11, 2022
Information published was correct at the time of writing

Guiding the way many Britons are making home-moving decisions

IT’S NO SECRET that energy prices have been on the rise in recent months, and this is something that is now having a big impact on the way people live their lives. One way that people are reacting to increasing energy costs is by making decisions about where they live based on how energy efficient the property is.

In the wake of the current energy crisis and growing general awareness of our individual carbon footprints, new research highlights that around three in four homeowners (73%)[1] say they are worried about the energy performance of their current home, with around a quarter (24%) saying energy efficiency will be ‘crucial’ to their next home move.

EMITTING LESS CARBON

The research has revealed the extent to which energy efficiency is now guiding the way many Britons are making home-moving decisions. Buyers of new-build homes are saving more than £400 per household on their energy bills, and emitting almost 600,000 tonnes less carbon than if last year’s new-build homebuyers had chosen an older property.

If you’re in the market for a new home, be sure to consider energy efficiency as a top priority. You may have to spend a bit more money at first, but you’ll save in the long run. And who doesn’t want to save money?

GENERATING VALUABLE SAVINGS
Homeowners of new-build houses and flats will save an average of £435 a year, rising to £555. The average new build home emits 2.38 tonnes less carbon each year, around one-third of the carbon produced by the average older property.

The research shows that despite new-build homes being, on average, 7.4% larger than older properties, new homebuyers are still generating valuable savings every month. And with more lenders beginning to offer green mortgages – such as lower interest rates for buyers of more energy efficient homes – and stricter requirements for landlords renting out domestic properties, home builders are urging lenders to go further and faster to assist homebuyers in making the right environmental choice.

NEW-BUILD DEVELOPMENTS
Factoring in mortgage calculations, the lower bills paid by new-build buyers should enable even further savings to be made by buyers. The research revealed the pivotal relationship that the new homes industry can play in driving the UK’s burgeoning electric vehicle industry, as 71% of people responded that they would be more persuaded to buy an electric car if their house came with an electric vehicle charging station, which are becoming prevalent on new-build developments throughout the country.

The energy efficiency of homes has become increasingly important in recent years, amid the ongoing crisis surrounding rising energy prices and an enhanced focus on environmental issues. Builders of new-build homes are able to adapt to new technologies, materials and regulations to embed energy efficiency at the point of construction, while owners of existing properties will often find themselves facing disruptive, extensive and costly retrofit works to bring their homes to the same standard.

ENERGY-EFFICIENT HOME
There are a number of reasons why people might want to live in an energy-efficient home. For some, it’s about saving money on their energy bills; for others, it’s about doing their part to reduce their environmental impact. Whatever the reason, it’s clear that more and more people are making energy efficiency a key factor when choosing where to live.

This trend is likely to continue in the years ahead, as energy prices continue to rise and people become increasingly aware of the benefits of living in an energy-efficient home. So if you’re thinking of moving in the near future, be sure to consider how energy efficient your potential new home is – you might be surprised at just how much of a difference it can make.

Don’t forget, our professional friendly advisers are on hand to support you and can help you explore all of your options.

Source data:
[1] https://www.hbf.co.uk/news/location-location-insulation-new-homes-week-research-shows-desire-sustainability/

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