Keeping The Home Fires Burning in a Hot Market
A look at Energy Efficiency by Ron Hastings
The recent increase in energy costs and fuel supply crisis in part driven by the tragic events in Ukraine has seen buyers more focused on energy efficiency when purchasing a new home with more buyers looking at energy-saving attributes.
Features such as new heating systems, cavity wall insulation, and a good energy efficiency rating are proving more important factors to buyers who in previous years may have given energy costs cost and climate impact little thought. In a recent survey a good energy efficiency rating was chosen by over half (51%) of those asked while other energy saving factors included a new boiler or central heating system as a selling point to prospective buyers.
This increased focus on energy efficiency comes more into focus with the rise in energy bills set to take effect from April 2022 with Ofgem increasing the energy price cap by 54%, meaning that many are now facing energy bills in excess of £2,000 per year. While buyers who can afford to buy a dream cottage in a country location such as the Borders and appreciate the attraction of older stone built traditional properties are prepared to accept higher heating bills if buyers are cost conscious and have limited resources it is certainly worth considering the Energy Efficiency and how much a property will cost to run.
In Scotland most properties will have a Home Report which is provided free of charge to buyers at the start of the process and this includes an Energy Performance Certificate and guidance on steps that could be taken to reduce costs and the environmental impact. Certainly a well-insulated, energy-efficient home makes a lot of sense as well as keeping an eye on costs for example installing a smart meter helping to monitor and adjust your personal consumption habits.
Gardens and Central Heating are top priorities for buyers. At the end of the day while energy efficiency is a factor, a private garden, location and outside space ranks right up there with central heating; particularly after the lock down experiences of the Covid 19. More and more people are moving out of the city pushing up prices as buyers look to the coast and country for improved lifestyle. How long this trend will continue is a moot point but based on the first quarter of 2022 there appears to be no signs of demand abating.
© Ron Hastings May 2022
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