According to research conducted by Auto Trader over half of Brits (55%) are prepared to pay a higher price for properties equipped with an electric vehicle (EV) charging point.
The survey, which engaged 1,000 respondents across the UK, aimed to assess public perception on the added value of a home that can support EV charging needs.
Erin Baker, editorial director at Auto Trader, noted a marked trend among younger demographics. She said: “Our research indicates that drivers under 45 years old, especially those under 35, appreciate the value of an EV-ready home much more than older groups. Younger respondents were willing to pay approximately £1,800 more for homes that are set up for EV charging.”
Further data revealed that 80% of 18-24 year olds and 78% of 25-34 year olds are prepared to pay more for homes outfitted with EV chargers. Conversely, 65% of people aged over 55 expressed reluctance to pay extra for such properties.
On average, Brits are ready to spend an additional £1,040 for an EV-ready home, with one in ten willing to shell out an extra £2,500 for a property equipped with an electric car charger.
The UK Government has poured £1.6bn into the EV industry and implemented a new EV law mandating that all homes built from June 2022 have access to an EV charging point, with the aim to reach zero emissions by 2050.
Given that Auto Trader’s research reveals a significant portion of Brits are willing to pay more for EV-ready homes, installing an electric charger may increase property value and appeal to environmentally conscious buyers.
Baker added: “The median cost of EV home charging installation is around £1,000. Knowing that this investment can help homeowners become greener, potentially add value, and provide a competitive edge when selling is reassuring.”
