A study by Barclays suggests energy efficiency upgrades are now regarded by the public as essential, not optional.

The analysis suggests that energy costs are a growing consideration for both renters and homeowners. 

A survey conducted of British tenants and owners since the outbreak of conflict in the Middle East, shows 82% concerned that the tensions could lead to rising oil, gas and fuel prices. 

Meanwhile, over half of homeowners (56%) say that energy efficiency upgrades are becoming essential rather than optional because of high utility costs.

However, there is a high upfront price tag, with recent or upcoming renovators estimating the total cost to be £26,323.80 on average. 

As a result, half of homeowners (49%) would prefer to buy a new or already recently renovated property to avoid spending on upgrades. 

Homeowners aren’t just focused on short-term outlays, with 47% concerned about the costs of fixing up their property as it ages.

Younger people are even more concerned about the efficiency of their property in the long term.  

Some 52% of Gen Zs say they would pay a premium to purchase a new build now, rather than buy a cheaper older property with costly renovations later down the line. 

In comparison, just 37% of Gen Xs agree.