How green features make a difference to home sales
How green features make a difference to home sales
Is it true, do green features make a difference to home sales? Will having some form of sustainable technology in your home help you to sell quicker and at a better price?
We take a look at everything from EV charging points to solar panels. Find out more…
Greater awareness of green features
Our attentions are more focused than ever on finding alternatives to gas and other fossil fuels. This comes from both a cost requirement as much as an environmentally-conscious perspective. Both the cost of living and energy crises are certainly making us more aware of how much energy we use.
We know that good insulation, cavity wall insulation and double glazing are must-haves with homebuyers. And we are now seeing more and more emerging green features which are making a difference to home sales.
The rise of EV Charging Points
The ongoing energy crisis has not only sparked concerns about the energy efficiency of our homes. It has also made us consider the type of vehicle we drive.
– A recent survey by the Home Builders Federation (HBF) has revealed that 71% of respondents said they would be more likely to buy an electric car if their house came with an Electric Vehicle Charge Point (EVCP).
– The government is set to legislate that all new homes and buildings with an allocated parking space will be required to have an EVCP.
– Nearly 94,000 (22.5%) of vehicles registered to date in 2022 have been Battery Electric or Plug-in Hybrid Vehicles, up from just 13.8% a year ago. (Society of Motor Manufacturers and Traders, based on Jan–March).
The source of this data comes via Dataloft, Home Builders Federation, and the Society of Motor Manufacturers and Traders.
And let’s face facts. We’re not too far away from 2030. That’s when we can expect new legislation banning the sale of new petrol and diesel cars to come into force. Many people have already made the transition to a hybrid or electric vehicle, and at the same time have prepared their home with an electric charging point. We already know from the properties we visit and have sold; homes with EV charging points generate interest, sell well, and can hold a better price.
Can solar panels increase the value of your home?
Yes, they most definitely can. The non-profit trade association Solar Energy UK confirmed the answer following a survey they carried out. After some ground-breaking research, the team concluded the following over-arching findings.
“Analysis of more than five million property sales shows that installing PV on a typical home could increase its value by £1,891—£2,722. Solar property commands a price premium of c.0.9%—2%. This means that the sale price of a home can be increased by half the cost of installing a PV system itself.”
Of course, the exact amount of any increase in property value very much depends on several aspects. These will always include your property’s location, and its size. But you can also include any other stand-out features from garden space to whether you also have an EV charging point.
However, when we value properties in today’s market, we always consider any green features. Solar panels for instance will cost you thousands of pounds to install. But we take into account the value of these when we value your property. And of course, there is added the benefit for the buyer of knowing that energy bills will be significantly less. All this adds to the overall package of your home and will make it much more attractive to buyers.
Price premium for green homes
According to a 2021 study from Hive (part of British Gas); buyers are willing to pay on average nearly £22,000 more for a home which has green features. Think solar panels, heat pumps, EV charging points, or brand-new energy-efficient boilers. Having some or all of these installed in your home can make a difference to its value. And these solutions are wanted even more with the current energy crisis we are experiencing.
And when Hive conducted a study of estate agents, the property experts predicted that homes with such modern green features will command a higher premium than those without. The predictions cite these greener homes will be worth on average nine percent more when sold.
Expectations for green features in newer properties
Looking at a survey at the very end of last year from Leaders Romans Group, one of the UK’s largest property services groups; reveals how approximately three-quarters of buyers would like their property to be more eco-friendly. In fact, two-thirds (66%) of those taking part in the survey said they would choose a property with green features over one without. And the newer the property, the greater the expectation for some kind of sustainable benefits, with 80% of survey respondents thinking this. The survey looked at the reasons for wanting eco-friendly properties which varied from minimising carbon footprint to reaping any financial benefits (saving on bills as much as adding to the property value).
The Future Homes Standard for new-build homes
With new-build homes, there is such a thing as the new Future Homes Standard, published by the government. The aim of the Future Homes Standard will be to ensure that under new regulations, all new homes built from 2025 will produce 75-80% less carbon emissions. That date is a way off, hence the Building Regulations were updated in 2021. It was agreed following consultations that new homes built from 2022 musts produce 31% less emissions.
These new standards go a step further to ensure new properties have the green features people want, as much as the improved materials and building design to reduce emissions. And we can expect further changes to building regulations following more consultation on The Future Homes Standard in the next few years.
What are the options for homes with green features locally?
It’s a fact – you don’t see too many new-build homes in Altrincham itself. Most green solutions we see come from current homeowners upgrading their own properties.
You have to look across the wider Trafford region for new development schemes. We know of one exciting new plan with sustainability at the core of its development. It is for 84 new homes on the site of the former Sale Magistrates Court.
The proposed brownfield development had plans approved last year. Plus it has received £1.2m in funding from the Greater Manchester Combined Authority (GMCA). This will assist with the overhaul of the site, including major road changes. As part of the grant, the aim is to make sure no gas is used in any of the properties and instead have a focus on sustainable solutions. This will include high-quality windows, warm water recycling systems, and air source heat pumps to name a few.
The plans show there will be two apartment blocks containing 38 apartments each, 40 townhouses, and six semi-detached houses. The new development is a joint venture between the council and developers Seddon.
Have you recently updated your home to include green features such as an EV charging point, solar panels, or new glazing? If you have and you are considering selling, contact our professional team, who know the local market, for a FREE property valuation. Book yours with us here.