The size and appearance of a garden has long been high on the list of features house-buyers look for when considering a new home. The pandemic has further supercharged people’s love affair with nature and their gardens, as they became a life-saver for many during the worst days of the Covid crisis.
But believe it or not, it’s not just gardens that are making buyers and tenants think ‘green’. Many have become much more environmentally conscious over recent years, and developers and landlord investors are already adapting to demand for sustainable homes. Solar panels, ground source heating and batteries are also starting to reach production economies of scale and become economically viable, leading to the emergence of exciting new possibilities.
A property’s eco-friendly elements, including solar panels and efficient boilers, are now front of mind. According to a new study conducted by E.ON Energy, 89% of prospective buyers want sustainable homes that are kind to the planet, with 49% explaining that spending more time at home during lockdown has encouraged them to consider an eco-home.
Research also found that 78% of respondents said they would use their savings from the stamp duty holiday to implement sustainable solutions in their new home. Some of the main reasons for this include wanting to lower the cost of energy bills and being more conscious about the environment.
Of course, as we wrote about back in January, this could soon be less of a choice and more of a requirement if the Government goes ahead with plans put forward by the Climate Change Committee (CCC). The CCC recommended that all homes should have an Energy Performance Certificate rating of C or above by 2028 – this would mean two thirds of properties would be unsellable in just seven years from now!
With this in mind and an ever-growing public desire to be living in a sustainable home, property investors need to be aware that properties with poor eco-credentials are likely to attract less interest from tenants and house hunters. What’s more, those living in energy inefficient homes could soon find it harder to get a mortgage, after a government report called on lenders to help improve energy performance. We’ll be talking more about this in next week’s blog.
If you are a landlord with an old property that is not very energy efficient, and you would rather re-shape your portfolio with more eco-friendly properties than spend money upgrading your existing properties, we will offer you a no-obligation valuation for cash with a guarantee that we can transact in a matter of weeks.
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