Research in the UK shows that buyers aged 25 to 34 appear happy to sacrifice a garage, garden and larger property to own their first home – but environmental concerns seem just as important as schools and local amenities. Property expert Phil Spencer explains in an article on the Time & Star website.
Forget the garden, first-time buyers want energy efficient homes
Millennials taking their first steps on the property ladder are 51% more likely to splash out for a starter home that is energy efficient.
Research shows that buyers aged 25 to 34 appear happy to sacrifice a garage, garden and larger property to own their first home – but environmental concerns seem just as important as schools and local amenities.
Over two-fifths of Brits said they would pay more for an energy efficient home – with 15% saying they would spend at least 10% more.
However, research by YouGov on behalf of Smart Energy GB, showed baby boomers are more likely to have energy efficiency measures installed in their homes, with 84 per cent having energy-saving light bulbs installed, compared to around a half of those aged 18-24.
“As a long-time supporter of taking steps to help the environment, it’s great to see a growing awareness of the importance of making your property energy efficient and that it’s starting to have an impact on the price of the property,” said property expert Phil Spencer.
“You don’t need a small fortune to start making effective changes, though. Installing draught proofing to stop heat escaping outside the house, switching to energy saving lightbulbs and getting a smart meter from your energy supplier to keep track of the energy you’re using are all simple, and low-cost ways to cut down on your usage, and contribute to a cleaner, greener, smarter Britain.”
Research showed that new roofs, boiler and cavity wall insulation topped the survey of most desirable green investments while the most common ‘green’ items in homes are energy saving light bulbs and double glazing.
However, there is still some way to go in educating people about the benefits of energy efficient homes, with research revealing 48% of Brits have not heard of Energy Performance Certificates – a key way of determining the likely energy efficiency of a property for prospective renters and buyers.
Consumers are being urged to keep track of their energy consumption by installing a smart meter at no extra cost.
Last month marked the official end to installations of first-generation smart meters, known as ‘Smets 1’ and the dawn of an upgraded second generation device.
“Every smart meter installed is a step closer to a smart grid, which will enable Britain to make full use of renewable energy and tackle our ageing energy system’s contribution of climate change, creating a network that will be fit for the 21st century,” said Robert Cheesewright, director of corporate affairs at Smart Energy GB.