You are here: Home - Mortgages - First Time Buyer - News -

Six out of 10 first-time buyers choose green homes to save money, not the planet

0
Written by: Nick Cheek
24/11/2022
The majority of first-time buyers are looking for a greener home, but it’s saving money rather than the environment that is driving demand.

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.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week