Research from Coventry for intermediaries has revealed that there is a clear generational difference in attitude when it comes to making green improvements to properties.
The research revealed that more than a quarter of those over the age of 55 (26%) would not make any sustainable improvements to their home if they had the option, whereas 98% of those aged 18 to 34 would make changes if they had the finances to do so.
The ‘Beyond the bricks’ report also found that 40% of homeowners said the main reason they would make eco-friendly changes to their property would be to save money on energy bills.
Meanwhile, only a minority of homeowners (11%) said that they would make such green changes to benefit the environment.
More than two-thirds (67%) of respondents in the survey also reported that they think green home improvements will increase the value of their property over time.
Jonathan Stinton (pictured), head of intermediary relationships at Coventry for intermediaries, said: “Our ‘Beyond the bricks’ report has highlighted that brokers have an excellent opportunity to engage with younger buyers who are hoping to reduce the price of energy bills in the current cost-of-living crisis.
“Brokers who are looking to win new business as older homeowners start to fall out of the buying cycle will need to make sure they advise effectively on green home improvement offerings.
“Younger buyers are more predisposed to the all-round benefits of these products, and in the longer term they are likely to see the return on investment when they sell their home in a way older demographics might not.
“Offering and educating younger homeowners on mortgage products that enable this behaviour will be a great new business tool for brokers.”
