Higher EPC properties still attractive to homebuyers despite u-turn
Mortgage Advice Bureau's Ben Thompson says more than half of would-be buyers still want a higher rated EPC property to lower their utility bills.
The Government’s u-turn on minimum energy standards may have caused panic amongst landlords but three quarters would-be homebuyers still think properties with an EPC rating of A or B as more attractive to buy, latest research from Mortgage Advice Bureau reveals.
More than half say they’re considering buying a higher rated EPC property to lower their utility bills and just over a third (36%) to keep warmer this winter.
GREEN MORTGAGES
Almost a third (32%) are considering a higher EPC rated property to potentially reduce their mortgage repayments through green mortgages.
Meanwhile, a similar amount (33%) are already thinking about their next step in terms of buying a higher rated property, as this could add value when it comes time to move.
And it appears wider environmental benefits are also impacting buying behaviours.
Over a third (36%) of potential homebuyers are considering a higher EPC rated property to be more eco-friendly and reduce their impact on the environment.
Ben Thompson (main picture), Deputy Chief Executive at Mortgage Advice Bureau, says: “Despite rumours that Number 10 will scrap the long-awaited minimum energy efficiency targets for the private rental sector, energy efficiency is climbing up prospective buyers’ wish lists, as they balance property price with future running costs.
“The high energy costs we’ve experienced in the UK over the past couple of years have hit many people’s finances, stretching budgets to the limit. As a result, any means to cut back on spending, particularly on energy bills, has become a bigger priority for prospective homebuyers.”
CENTRAL CONCERN
And he adds: “As our findings show, mortgage payments are also a central concern to prospective homebuyers.
“However, the good news is that opting for a higher EPC rated property could make you more likely to be entitled to a green mortgage scheme. These plans reward homeowners for buying or owning an energy efficient home – for example, with potentially lower interest rates on mortgage payments, or incentives such as cashback.”
The Neg reported yesterday how ongoing turmoil in the buy-to-let market is continuing to impact both tenants and landlords as rising mortgage costs bite.
