Reducing gas and electricity bills is trumping environmental and regulatory concerns for buyers seeking more energy efficient homes, research suggests.
Knight Frank’s latest sentiment survey found 35% of homebuyers rate rising energy costs as the biggest influence when purchasing an energy-efficient home
The prospect of future environmental regulations affecting the value of inefficient homes was the second most popular response polling 20%, while 18% of respondents stated a preference to own a greener home and said, if necessary, they would pay more for it.
The research also found that 76% of respondents rate a domestic electric vehicle charging point as more or equally important as it was a year ago.
Chris Druce, senior research analyst at Knight Frank, said: “While environmental concerns are a consideration for many home buyers, it is the record-breaking cost of energy that is dominating most buyers’ thinking at present.
“Although wholesale energy prices are expected to fall back later this year, it is unlikely that buyers’ mindsets will change quickly.”
When asked what improvements homeowners plan to make to improve the energy efficiency of their homes, half cited energy-efficient lightbulbs. More substantial measures included fitting double or triple glazing; draft proofing; and loft or roof installation, which all polled 38%.
Despite the Government putting heat pumps at the center of plans to decarbonise UK households –gas boilers will no longer be fitted in new-build properties from 2025 – just 17% of survey respondents said they intended to install one.