Two thirds (65%) of prospective first-time buyers (FTBs) are looking for an energy efficient, environmentally friendly home, as research shows that more than half (61%) are motivated by financial gain instead of the environmental benefits.
Aldermore’s latest First Time Buyer Index, a survey of 2,000 prospective first-time buyers and 500 actual first-time buyers, has revealed that the next generation of homebuyers have green properties front of mind when looking to make a purchase.
The Index showed that eight out of 10 prospective first-time buyers were more likely to consider a property if it had double or triple glazing (81%) or roof insulation (80%) while four out of five (78%) were more likely to consider a property if it had energy efficient appliances included.
Jon Cooper, head of mortgage distribution at Aldermore, said: “Ever since the energy price cap was lifted earlier this year, energy bills have soared to record levels, hitting many of our pockets.
“It is therefore understandable and sensible that buyers looking for their first home are not only considering energy efficiency standards but thinking ahead at ways in which they can improve the green credentials of their home.”
The push for energy efficiency could also be driving a desire for new builds amongst FTBs.
Over a third (37%) of prospective first-time buyers are considering a new build property.
While the most popular reason to opt for a new build was the cash savings of not having to renovate their home, the second most popular reason for four out of 10 (41%) was cheaper energy bills due to improved insulation.
Cooper concluded: “In addition to the financial benefits, properties brought up to standard can help reduce greenhouse gas emissions and are just another way we can lessen our individual impact on the planet.”
