First Time Buyer
Six out of 10 first-time buyers choose green homes to save money, not the planet
Aldermore’s latest First Time Buyer Index, a survey of 2,000 prospective first-time buyers and 500 actual first-time buyers, reveals that the next generation of homebuyers have green properties in their sights but saving money rather than saving the planet is the main factor in their buying decision.
While 65% of prospective first-time buyers are looking for an energy efficient home, more than half (61%) are motivated by financial gain instead of the environmental benefits.
First-time buyers focus on greener new builds
Whatever the motivation, the push for energy efficiency may also be driving a desire for new builds among first-time buyers. Over a third (37%) of prospective first-timers are considering a new-build property.
Although 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 was cheaper energy bills due to improved insulation.
The appeal of green renovations
Meanwhile, just under half (49% of prospective first-time buyers anticipate making green renovations within the first five years if they purchase a non-environmentally friendly home.
Certain green features were particularly appealing for prospective buyers. Eight out of 10 were more likely to consider a property if it had double or triple glazing (81%) or roof insulation (80%) while 78% were more likely to consider a property if it had energy efficient appliances included.
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.”