Homeowners Opt for Energy-Efficient Renovations Over Moving

According to a new study, homeowners are increasingly focusing on improving the energy efficiency of their houses or buying homes that have already undergone improvements.

Due to the environmental harm caused by new construction, the research indicated that 45% of homeowners would prefer to renovate or expand their current home rather than move into a new one, while 12% plan to relocate in order to lead a greener lifestyle.


For 22% of homeowners, it was impossible due to planning constraints, while 50% of homeowners claimed they looked into improving their home's energy efficiency but found it too expensive without government assistance. 

It comes after the most recent RICS Residential Market Study last week, which questioned respondents if they were noticing a rise in interest from purchasers for energy-efficient homes. 

About 40% of the survey sample responded affirmatively, but 60% disagreed.

High energy-efficient homes are currently keeping their value in the market, according to 61% of participants, while 41% of respondents saw that sellers were attempting to charge a premium for them.

Cornerstone Tax's group chairman, David Hannah, stated: "It appears that homeowners across the nation are seriously contemplating switching to green improvements not only to reduce their home's value but also to combat rising energy expenses."

"The upfront costs of making green house improvements are still a big hurdle for homeowners to clear.

Perhaps in the future, the government will offer much-needed assistance to homeowners who want to undertake eco-friendly renovations to their homes".

“However, homeowners may decide to renovate their current home rather than relocate to a new one because they have developed bonds to it and naturally may want to stay there."

You can also find out how much your property could be worth on the current market by checking out our free and instant online valuation tool. Please bear in mind that this data is automatically generated. If you would like to have an in-depth, personalised valuation with one of our property experts, please don't hesitate to contact us on 020 7723 5645 or pop into our local Fraser & Co office for a friendly chat.

Source:

Estate Agent Today