Prospective home buyers are increasingly searching for eco-friendly homes amid concerns surrounding rising energy bills and the cost-of-living crisis, recent research suggests. A 34% increase in searches for eco-friendly properties was seen in July alone. With green mortgage products becoming ever popular, the general superiority of new builds when it comes to energy efficiency and EPC rating could see further growth within the sector.
Despite Liz Truss’ announcement of a £2500 energy price cap until at least January 2023, soaring energy prices remain a cause for concern for millions of households. New build properties could appear more attractive to prospective buyers due to the fact that they commonly have a better energy efficiency than existing homes. Between October and December 2021, 84% of new-build properties were given an EPC rating of an A or a B – displaying that most newbuilds would offer lower energy costs for homeowners. Green mortgages for both homeowners and landlords have become increasingly available for those looking to purchase new builds as the market reacts to increasing energy prices and attempts to move towards more sustainable and environmentally ethical products and practices.
With major lenders recently extending their green mortgage products to include new build properties, the market can hope to see further growth as the combination of high energy prices and ever-increasing awareness surrounding the climate crisis makes the prospect of owning a new build home an ever more attractive one.