x
By using this website, you agree to our use of cookies to enhance your experience.


TODAY'S OTHER NEWS

Increasing numbers of buyers searching for eco-friendly homes - claim

Home hunters are increasingly searching for eco-friendly homes amid concerns about rising energy bills, figures suggest.

New data from Legal & General Mortgage Club has uncoverd a 34% uptick in searches for eco-friendly homes in July alone.

The figures are based on the types of mortgages that brokers are searching for through the network, with increasing numbers now seeking home loans that consider a property’s energy performance certificate rating.

Advertisement

It comes as the energy price cap is set to pass £3,000 in October, while new Prime Minister Liz Truss is reported to be coming up with plans to freeze gas and electricity bills.

Elsewhere, brokers continue to see high demand from overseas buyers.

Searches for expatriates or EU citizens in the UK rocketed by 25% in July. 

This was mirrored by a 14% increase in searches for borrowers with foreign income.

As in June, most searches were also made on behalf of applicants with a visa. 

Searches for expatriates that aren’t based in the UK also rose by just under a fifth, Legal & General Mortgage Club said.

Demand for niche products also remained high in July, with searches for buyers looking to purchase retirement properties and second homes climbing by 26% and 17% respectively. 

With Help to Buy drawing to a close in spring 2023, searches for those looking to purchase a home under the scheme rose by 18%.

The data also confirms that family members continue to play a crucial role in supporting first-time buyers. 

As such, ‘joint borrower sole proprietor’ was the sixth most popular criteria point in July.
 

Kevin Roberts, director of mortgage services for Legal & General, said: “It’s reassuring to see the market retain its momentum despite wider economic pressure. In some areas, such as the overseas market, demand is even rising. 

“This includes an increasing number of expatriates and EU citizens seeking UK mortgages. 

“This month’s data also shows that some buyers are considering eco-friendly products and making greener choices. We are still very much in the early stages of the green revolution, but it seems safe to assume that rising energy bills have prompted more buyers to consider the financial benefits of opting for greener homes. While volumes remain low for now, brokers and lenders have a key part to play in raising awareness of green products and educating borrowers about EPCs, retrofitting, and other associated factors.”

  • icon

    I have a 3-bed rental, built in 1959 and it's not Listed. It was an EPC Grade E and my tenant was complaining of high energy bills last winter.
    1. I got my domestic EPC assessor to prepare a draft 'as is' EPC and a draft 'predicted' EPC for the house based on the refurb I was planning to do.
    2. My handyman installed 100mm of loft insulation between the joists and then an extra 200mm layer of loft insulation at right angles across the joists. This is current Building Regs standard for a new house. Loft insulation is £24 for a big roll at B&Q
    3. I had a Google Nest thermostat/timer installed. I ordered this direct from Google and a professional installer fitted it within the price.
    4. My plumber installed TRVs on all the rads and showed the tenant how to use them.
    5. My electrician fitted a 'kill switch' by the front door wired into the lighting circuits of the Distribution Board. As the tenant leaves the house one push of the button turns off all the lights in the house. Very simple and effective.
    6. My handyman changed all non-LED lamps over to Philip LED lamps
    7.I had already got my handyman to install solid insulation board between the joists on the ground floor prior to some recarpeting that I did a few years ago.
    8. Pioneer Insulation fitted external wall insulation around the walls. This was a big investment but the house now looks brand new and it's a unit that I'm holding long-term.
    9. I couldn't justify the expense of new windows so I bought 'poor man's' secondary glazing from a small British company called WindowSkin. I used their product before to cover a large sash window in the winter in a draughty office that I use to rent. It's a custom cut piece of totally clear Perspex that clips on the inside of the window frame in winter to cut out 100% of window draughts. Stores under a bed in the summer.
    10. Whilst we were at it my handyman installed a Nuaire DriMaster Heat Positive Input Ventilation (PIV) unit up in the ventilated loft with a outlet in the 1st floor landing ceiling. The tenant was moaning about condensation and being unable to dry clothes/towels. This simple fit-and-forget unit has totally solved these problems.
    11. My EPC assessor came back after I had completed these works and gave the house an EPC Grade B by one point (score 81)). This certificate stays on the national database for the next 10-years.
    My mortgage broker expects to be able to get a better rate for me now that I have a 10-year valid EPC Grade B when I have to refinance next year.
    The above project took me about 10 x phone-calls and 2 x site visits to sort out. It really wasn't that onerous and I was surprised how straightforward it was after I’d done the initial research
    I'm now close to finishing a similar package of works on my own family home – this will raise it from an EPC Grade E to a Grade C and will start to really reduce my energy bills in the next few weeks..

icon

Please login to comment

MovePal MovePal MovePal
sign up