Aldermore’s latest First Time Buyer Index1, a survey of 2,000 prospective first-time buyers and 500 actual first-time buyers, has revealed that the next generation of home-buyers have green properties front of mind when looking to make a purchase.
Two out of three prospective homeowners (67%) are looking for an energy efficient and environmentally friendly home.
However, amid the backdrop of soaring energy bills, six out of 10 prospective first-time buyers (61%) are motivated by the potentially cheaper costs that come with a green home rather than by saving the planet.
For people buying a non-green property, half (49%) anticipate renovations in the next five years to address this.
Certain green features were particularly appealing for prospective buyers. Eight out of 10 prospective first-time buyers were more likely to consider a property if it had double or triple glazing (81%) or roof insulation (80%) while four out of five (78%) were more likely to consider a property if it had energy efficient appliances included.
The push for energy efficiency could also be driving a desire for new builds amongst FTBs. Over a third (37%) of prospective first-time buyers are considering a new build property.
While the most popular reason to opt for a new build was the cash savings of not having to renovate their home, the second most popular reason for four out of 10 (41%) was cheaper energy bills due to improved insulation.
Jon Cooper, head of mortgage distribution at Aldermore said: “Ever since the energy price cap was lifted earlier this year, energy bills have soared to record levels, hitting many of our pockets. It is therefore understandable and sensible that buyers looking for their first home are not only considering energy efficiency standards but thinking ahead at ways in which they can improve the green credentials of their home.
“In addition to the financial benefits, properties brought up to standard can help reduce greenhouse gas emissions and are just another way we can lessen our individual impact on the planet.”
**Ends**
1Research conducted, on behalf of Aldermore bank, by Opinium between 31 May -15 June 2022, with a nationally representative sample size of 2,000 Prospective First Time Buyers.
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