Home Property Millennial buyers would be deterred by a property with a poor energy rating

Millennial buyers would be deterred by a property with a poor energy rating

by LLP Reporter
25th Nov 22 1:00 pm

UK adults were asked whether they consider energy efficiency an important factor when purchasing a property, at a time when households across the nation are facing soaring heating bills. According to the insurance comparison site’s findings, millennials are the most likely to purchase homes that have energy-saving ‘green’ features, indicating the economic consciousness of this generation.

Overall, 51% of Brits would be deterred from buying a house with a poor energy efficiency rating – rising to 60% of millennials. This is a higher figure than in any other generation, as just 49% of Generation X’ers and 45% of baby boomers would be put off by this.

72% of UK adults would be more likely to purchase a property with a good energy rating. Features that can help to make a home more energy efficient include ‘green’ energy sources like solar panels and heat pumps.

Shockingly, 35% of Brits don’t know or are not sure what a heat pump is – increasing to exactly half of all millennials. Despite heat pumps being a relatively new feature in UK homes, 78% of baby boomers know what they are. Yet, 45% of millennials who were aware of heat pumps would be more likely to buy a house with one – more than any other generation.

Homeowners are also more likely to know what a heat pump is, according to the survey. 79% of residents who own their homes are aware of them, but this figure fell to just 52% of renters.

59% see solar panels as a benefit, citing their ability to reduce energy bills as the main reason for purchasing a property with them. This figure increases to 68% of millennials – higher than both baby boomers (55%) and Gen X’ers (54%).

Gareth Kloet, energy expert at Go.Compare said: “It’s really positive to see that all ages are attracted to energy-saving home features as we move to a more sustainable future. Millennials paving the way in prioritising energy efficiency is not all too surprising, as they have often led older generations in their adoption of new technologies.

”Since older generations are more likely to own their own homes, this may explain why a higher percentage of baby boomers are aware of products like heat pumps. So, more education on these features could be useful for younger people and renters, too, as we move closer to the gas and oil boiler ban.

“If you are thinking of making any significant changes to your house, like installing solar panels, you should always inform your insurance provider. For simpler ways to improve your home’s energy efficiency, visit Go.Compare.”

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