Are properties going green fast enough?

August 24, 2023

With the UK Government aiming to make homes greener, Rightmove finds financial incentives are key to the uptake of eco-improvements.

If you’re thinking about making energy efficiency changes to your property and wondering whether local homeowners are too, Rightmove Greener Home’s Report sheds some interesting light on the topic.

The report revealed that cost is key in driving homeowners to make eco-efficiency changes. Reducing energy bills is the biggest drive to making a home more eco-efficient, with the affordability of making changes the toughest challenge.

The Government’s goal is for most properties to reach a ‘C’ rating by 2035. In comparison, Rightmove discovered that just 60% of sales listings and 50% of rental listings offer ‘D’ EPC ratings.

At the current rate, Rightmove predicts it would be 2066 when 100% of homeowner properties reach the goal, and 2054 when rental homes do.

For action to be taken sooner by property owners, it’s clear a financial incentive needs to be introduced. Education could also help, with advice for property owners pondering how to act, and where to begin.

40% of homeowners questioned in Rightmove’s study intended on staying in their property for a few years before moving on. With this group least likely to see the long-term financial benefits from eco-improvements, they are less likely to act. As such, it would make sense to deliver financial incentives at the point of purchasing a home.

According to Rightmove, Green Stamp Duty rebates based on the premise of future improvements, and mortgage incentives for eco-efficient homes could help to motivate property owners. Grants and tax benefits for technology such as solar panels and electric car charger points were also advocated, along with support for the speedier making and integration of green technologies.

If you’re a property owner already acting to lower your property’s carbon footprint, that’s great! However, if you’re planning to make enhancements to sell your home at a higher value, make sure you’re investing wisely. If you speak to your local agent for valuation advice, you could save yourself some time, money, and effort.

Sources:
rightmove.co.uk/guides/content/uploads/2023/07/Rightmove_Greener_Homes_Report_2023.pdf

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