According to research by homebuying platform, Yes Homebuyers, it pays to be energy efficient when it comes to your property’s price, with the most energy-efficient homes going for 102% more than those rated as the least energy efficient.
Yes Homebuyers crunched figures from the ONS on the energy efficiency rating of homes across England and Wales and compared these ratings to the average house price in each area.
The figures show that the majority of existing houses and flats fall within bands C and D for energy efficiency, while new-build homes fall within the C and B bands.
Areas that fall within the lowest band (D) are home to an average house price of just £169,823, while property prices in areas with an average score in band C are 62% higher at £275,564; a difference of £105,741.
Areas with an average energy efficiency rating of B are home to an average house price of £342,371. Not only is this 24% higher than areas with an average score falling in band C, but it’s a massive 102% more than property prices in areas within band D.
Cambridge, Milton Keynes and Eastleigh are amongst the highest scoring areas for energy efficiency across all property types, while Cambridge, Hounslow and Lewisham are the highest scoring for new-build energy efficiency.
But having an energy-efficient home doesn’t just pay when it comes to selling, it can also save you money in terms of your annual running costs.
Ways to improve your property’s energy efficiency
There are a whole host of ways you can improve energy efficiency within your home, from using thick rugs or curtains, to placing bulky furniture against large open walls. Even something as simple as utilising the timing function on your boiler can help.
However, there are three key things you can do to the structure of your house itself.
Loft and wall insulation help to keep the heat in and reduce energy bills, as well as reducing carbon emissions and improving efficiency. It can cost between £375 to £400 depending on your property type, but it can save you as much as £250 a year. So it’s well worth the investment.
Upgrading your boiler will avoid any winter days without hot water or heating and can make a big difference to your home’s level of energy efficiency. Heating accounts for as much as 55% of our energy bills, and while a new boiler can cost in the region of £2,000, it can save you as much as £300 per year.
Finally, don’t underestimate double glazing. At £400 per fitted window, it can also be a sizeable investment but it can reduce your energy costs by £115 a year. However, the additional upside is that fresh, modern windows can transform the look of a property which can not only help create an excellent first impression when selling, but it can also boost the price secured for your home.
In recent years, solar panels have also become a popular way to reduce your property’s footprint. They can save you between £85 to £220 per year, but depending on your requirements the cost can be steep; as much as £8,000.
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented:
“It certainly pays to be more energy efficient when it comes to your property, with homes in the higher energy efficiency bands going for a fair bit more when it comes to sold prices.
Higher house prices in the top energy bands are partly due to the price premium paid for new-build homes. However, a more energy-efficient home in the existing sector is also worth considerably more than those in the lowest bands.
There are several things you can do to any home to help boost its appeal from an energy efficiency standpoint.
Saving money and our impact on the environment are two hugely influential factors when it comes to potential homebuyers. So investing in a new boiler, better insulation or new windows is going to be money well spent whether you’re looking to sell, or simply looking to cut down on your energy bills."
Notes to editors
- Annual saving as a result of energy improvements sourced from Confused.com and EDF
- Yes Homebuyers buys your home directly from you so you don’t have to wait around to find a buyer on the regular market.
- They offer flexible timeframes to suit you and on average, complete a sale within 30 days.
- Yes Homebuyers quickest completed sale came within six days.
- They guarantee the price they will pay, unlike some buying platforms who reduce their offer shortly before completion.
- There are no fees or costs involved and Yes Homebuyers covers all legal fees involved.
- There are no contracts or tie-ins, even if you accept an offer and no viewings to take care of.
- Matthew Cooper has an extensive knowledge of the market having worked in mortgage lender asset management prior to starting Yes Homebuyers.
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