Simply improving your property’s EPC rating could be the way forward. This is because many buyers are starting to focus their search on greener, energy-efficient homes.
This new buying trend may partly be the result of the government’s push to meet the UK’s target of becoming Net Zero by 2050. To achieve this worthy goal, most residential properties would need to reach an energy rating of C or above by 2035.
In the future, buying a low-rated home could mean having to accept tougher mortgage rates, which, combined with rising fuel costs, makes this prospect less desirable.
Therefore, it’s not surprising that savvy buyers are keeping an eye out for features such as air source heat pumps, PV solar panels, mechanical ventilation with heat recovery, and EV chargers, to name a few.
Properties for sale that are costly to run, or less environmentally friendly could see more buyers attempting to chip away at the asking price to factor in improvements they’ll eventually want to make. Likewise, eco-homes are starting to benefit from the ‘green price premium’.
Increasing the EPC value also increases your chances for renting a property as tenants are also now more focused on monthly outgoings than ever. A lot of the blocks of flats in St John’s Wood and our surrounding areas have gas included in the service charge which in turn gives tenants free hot water and heating. We have seen an increase in demand for these properties as it gives tenants the security of knowing there will be no utility bill increases. If you currently have a property to let in a purpose-built block, please contact our lettings team who can advise on the current value.
If you’d like to learn more about how investing in energy efficiency measures could affect the value of your home, contact us. As your local property specialists, we're happy to help.
*According to a recent Rightmove analysis of over 200,000 homes.
