Energy efficiency, insultation and double glazing are now the key criteria that would-be homebuyers are looking for when choosing properties, according to new research from Leeds Building Society.
With energy prices now almost double what they were this time last year – and set to rise further next year – it’s no surprise that those looking to buy a home are searching for properties that will help them keep their bills lower.
A fast internet connection – whether that’s to facilitate home working, streaming or online gaming – is the next most important criteria for buyers, with a quarter saying it is important to them.
Richard Fearon, CEO of Leeds Building Society, said: “It’s no longer just ‘location, location, location’ for aspiring homebuyers.
“The cost-of-living crisis is having a huge impact on the type of houses that people want to buy – with buyers prioritising homes that are likely to have lower energy bills in future.”
The research found that 30.86% of respondents stated good insulation was a priority, while 28.14% sought an EPC rating above C.
25.73% also expressed a desire for double or triple glazing, while 25.27% placed an importance on a fibre broadband connection.
Additionally, one in five (19%) of those looking to buy say that they have had to compromise on their property criteria to fit their budget.
A further quarter (23%) have had to look outside the area that they’d like to live in as they can’t find anywhere in budget in their preferred location.
Fearon continued: “The UK’s housing stock is the oldest and least energy efficient of any in Europe. As a result, not only do homeowners have to spend more to heat their homes, but housing contributes 16% of all UK carbon emissions.
“If the 13.8 million homes currently with an EPC rating of D or lower were brought up to the same efficiency standards as the average new build, there would be a collective saving of £28 billion a year and carbon emissions would be reduced by more than 31 million tonnes.
“We welcome the Government’s consultation on extending the Energy Company Obligation (ECO) to deliver insulation and energy efficiency measures to more households.
“But there remains a great deal of uncertainty over the Government’s response to making homes more energy efficient.
“There are question marks over the depth of impact from ECO+ funding and urgent clarity is required from the Government around the timing and scope of future changes to EPC regulations for rental and owner-occupied homes.
He added: “Improving the energy efficiency of houses is one of the key imperatives in addressing the homeownership crisis, as we have set out in our set of public policy proposals.
We must ensure solutions to the long-term challenges prospective buyers face are green and sustainable.”
