THE ECONOMIC TIMES

Analysing The Political Economy


Property Seekers Put EPC Rating As High Priority

The cost of living crisis is drawing all of our attention to the price of so many things today and an EPC rating is yet another one people are now seriously considering.

For years, few people have taken much notice of the energy performance rating of a property when deciding on where to live. Not now.

As concerns about the energy crisis continue to rise, a growing percentage of property seekers, be it buying or renting are prioritising energy saving amenities while looking for a new house.

It’s not so much that the environment has suddenly become a major cause for concern or that the energy to a property is driven by green sustainable sources – it’s more about how much it costs to keep the house warm. In Britain, we like to keep warm.  The priorities of homebuyers and renters have prompted a sudden interest in them seeking out energy-efficient homes and if they come with environmentally-friendly amenities, then all the better.

In a recent study, over three-quarters of respondents – 73% – said they were concerned about the energy efficiency of their present home, with nearly a quarter – 24% – indicating energy efficiency will be ‘crucial’ to their next home search. And there is a point here to watch. If rent is say, £1,060 a month (the average rent in the UK) and the cost of energy rises from £200 to £500 – moving to a more expensive but more energy-efficient home may make sense.

The study discovered that ‘eco-friendliness’ and ‘having a good EPC rating’ are now the second and third most desired attributes in a new home, behind outdoor space.

More and more lenders are starting to offer green mortgages, which include lower interest rates for buyers of more energy-efficient homes and stricter requirements for landlords renting out domestic properties. EPC ratings are suddenly important.

 

 

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