It is hard to fathom, but here we are now living in a whole new England. With the loss of Queen Elizabeth II and the appointment of a King for the first time in our lives, the landscape of the UK has completely changed.
Over the past two years, we have seen so many dramatic changes to the country – none higher in volume than the housing market shift, from record sales to low supply. We saw people who could never afford a home able to get their first property and people upscale to homes with more space.
With promises of more stock coming to market in the future, the other area that is seeing a spike in interest is in the green property sector – with some hunters willing to pay 25% more to secure one. Forget the race for space – this is the keener for greener.
Willing to Pay
According to research conducted by Admiral Money, buyers are currently willing to pay up to a quarter more for properties that have a decent energy performance certificate rating. Influenced by energy-saving features within a home, buyers are actively seeking homes with an EPC rating of C or higher.
The EPC concerns are at the forefront of buyer’s minds, with 67% wanting to see the EPC tasting of a property before purchasing and a further 35% feeling off put on older properties that are not energy efficient,
Environmentally friendly and greener features are boosting property value in the majority of cases, mostly up to 25%,
Agreed sales prices on properties across 13 cities featuring homes that featured green keywords such as solar, heat pumps, insulation, triple glazing, low carbon, and hive have been viewed as the best investments for sellers against similar homes that don’t have these features.
Solar panels have been the leading interest for buyers willing to shell out the additional 25% rise, with insulation being the second most valued keyword. Heat pumps also have been revealed to increase property value by up to 10%. The green appeal is due to increase in homes as the years progress, with many sellers now looking into areas which will make their properties more appealing and worth much more than the asking price to buyers.
It is encouraging to see the plans for homes being taken so seriously with eco-friendly options, with this specific area of demand providing an increase in the property market whilst stock is still in desperate need.