Four in five (81%) prospective buyers plan to make green energy upgrades to their properties, research from Mortgage Advice Bureau has revealed.
The main reason (58%) is wanting to lower monthly utility bills, while a third (32%) reckon improvements would make their homes more attractive if they decided to sell.
Ben Thompson, deputy chief executive at Mortgage Advice Bureau, said: “The strong interest in energy efficiency upgrades highlights buyers’ willingness to retrofit their property, however, they must be supported and enabled to do this.
“The UK’s housing stock is some of the leakiest in Europe, and to be successful in the race to net zero, this will need to be tackled. This is something both the mortgage industry and the government will need to work on together.
“Enhancing the attractiveness of green mortgages through increasing the amount that can be borrowed, a lower rate or cashback for example, could be a powerful tool in helping to transition to a more sustainable and environmentally friendly housing sector.”
It’s not just about money, as 36% of potential homebuyers favour a higher EPC rated property to be eco-friendly and reduce their impact on the environment.
For those who don’t plan to make their homes more energy efficient, the primary barrier is cost, with half (51%) of these prospective buyers admitting that the changes are too expensive.
Therefore, there’s more evidence that further government schemes encouraging green energy upgrades – like the heat pump grant scheme – would be popular with the next generation of homeowners.
