There’s been a surge in enthusiasm for energy efficient homes according to research from heat pump advocates OVO.
It says that a survey shows 66 per cent of those planning to buy a home in the next two years are specifically looking for houses with green installations that improve energy efficiency and reduce carbon emissions.
Exploring the relationship between energy efficiency and property value, data from Rightmove shows that improving a property’s EPC rating from F to C could increase its overall value by 15 per cent, meaning homeowners could lower bills while in their homes and then cash in on their eco-investments when they sell.
Moving from an F to a C rating could add up to £44,672 (15 per cent) to the value of a three-bedroom semi detached house, based on Rightmove’s current average asking price of £297,811 for a property of this nature.
Whilst the portal found that 60 per cent of homes for sale on Rightmove had an EPC rating of D or below, the motive from homeowners to increase this score is clear. Some 83 per cent are willing to invest in going green – with a quarter saying they’d pay more than £5,000 to make energy efficiency improvements..
According to OVO’s data, over a third of prospective buyers say they would be more likely to make an offer on a home with eco-minded installations such as solar panels, alongside triple-glazed windows and roof insulation.
Of those planning to install green technology in their home in 2024 the top motivators to do so are:
To save money on energy bills (49%)
To improve the energy efficiency of their home (40%)
To help reduce their carbon footprint (36%)
To improve the EPC rating of their home (30%)
To increase the value of their home (29%)
And the most anticipated upgrades are:
Solar panels (26%)
Electric vehicle charging point (23%)
Installing a smart meter (23%)
Wall insulation (21%)
Smart thermostat (20%)
Tim Bannister, Rightmove’s Director of Property Science, says: “We’re still in the early stages of the journey towards greener homes, but the data and insights we have been collecting over the last few years have been encouraging. One of the trends that has been emerging is that sellers who have improved the energy efficiency of their homes can command a premium when the time comes to move. It’s going to be a really important year for innovations and the sharing of evidence-based data insights in this space.”
