Existing homeowners and first-time buyers believe it would be more cost effective to move to a new-build home, rather than retrofit an older property to modern energy-efficiency standards, according to research by leading housebuilder Redrow.
Almost a third of respondents (30%) suggested buying new would be kinder on the pocket in the long run, compared to just 19% who thought converting older properties would be a more cost-effective solution. However, almost half of those polled (49%) were in the dark on the Government’s sustainability and environmental targets, with either no idea about the objectives or no concept of how it would impact them as homeowners.
Redrow also compared the expected EPC results of a traditional house built in the 1930s (and subsequently renovated) and a modern Redrow home. The calculated running costs of the older property equate to £1,409 a year, with the Redrow home coming out under half of that at £597 based on the use of gas.