A new study from WWF and ScottishPower has revealed that homeowners can boost the value of their property by an average of £10,000 by simply making green upgrades to their home.
With energy bills projected to top £3,000 this winter, consumers are increasingly looking for alternative options to reduce soaring costs. Now, new research from property concierge platform, Moveable, has found that 36% of homeowners are prioritising energy efficiency in their homes this year.
Moveable’s research also highlights that the new generation of homeowners have an increasing appetite for energy efficient homes. 21% of millennials (25-34 year olds) are even prepared to move homes on order to live more sustainably – this is a stark contrast to just 7% of 55-64 year olds. However, energy efficient upgrades can be costly; this hurdle was reflected in the study which found that 45% of Brits want to make these upgrades, but find it too expensive without government support.
The energy crisis has highlighted the lack of energy efficient homes in Britain, with surging costs urging households around the nation to reduce consumption whenever possible. Residential properties are responsible for a fifth of the UK’s carbon emissions, prompting the government to announce that every home should have an EPC rating of C – or higher – by 2035 as part of their long-term plan to tackle climate change.
Currently, 30% of homes across England and Wales are still rated E, F or G. Whilst the easiest way to upgrade to a more energy-efficient home is to purchase a new-build home, adding various green upgrades could also significantly raise the value of your current property. According to WWF and ScottishPower, installing an air-source heat pump could increase your home value by £5,000-£8,000. Adding solar panels could increase it by around £1,350- £5,400, and implementing an electric vehicle (EV) charging point could add around £5,000. However, the costs of installing these products also prove to be a barrier for many households, with solar panels costing around £2,900-£6,700, EV charging points costing nearly £1,000, and heat pumps costing £7,000-£13,000 to install.
Simon Bath, CEO of iPlace Global, the creators of Moveable, said: “Energy security is at the forefront of everyone’s mind at the moment, and it’s really great to see that households are beginning to see the benefits of making green upgrades. Accelerating the roll-out of low-carbon technologies in the home is crucial to not only tackle climate change – but also reduce energy bills. Because of this, green homes are becoming increasingly popular for prospective buyers and movers, and will significantly boost the value of your property.
“Significant steps have been made this year in an attempt to help first-time buyers with getting onto the property ladder, including the removal of affordability tests, longer mortgage plans and the Right to Buy scheme. The same needs to be done for helping Brits make their home more environmentally friendly – the government needs to step in to ensure that these changes are affordable.
“With the roll-out of new-build homes taking a backseat, it is more important than ever to reduce – or subsidise – costs of installing green products. This could prove to be a significant step away from the country’s reliance on fossil fuels.”
