"Today’s new figures clearly show that people’s concerns about energy have not gone away this year and in fact for many Britons, they are more pressing than ever. It’s no surprise therefore to see so many people considering a new home"
- James Holmear - Redrow
New research from housebuilder Redrow has revealed frustrations have reached an all-time high, with 26% of homeowners now considering moving to a more energy-efficient home in order to make savings on their bills.
58% of homeowners admit they’re more worried about escalating energy bills than they were last year, with younger homeowners (18-34-year-olds) being twice as likely to consider moving to a more energy-efficient home than their older counterparts.
Living in an energy-efficient home continues to be a big priority year on year, with 67% saying it is more important than a year ago, and 31% saying a low EPC rating is one of their biggest frustrations with their current house.
Love it or list it?
With energy bill increases (29%) and unexpected maintenance costs (20%) the top factors triggering home frustrations, cost-savvy homeowners are increasingly looking to go green.
However, believing their house is too old to be energy efficient (29%) continues to be one of the biggest hurdles stopping homeowners from updating older properties.
This may be why 33% say they would prefer to move into an energy-efficient home, rather than trying to retrofit their current home with energy-efficient features. When the time comes to move, 39% say they would opt for a new build specifically due to its energy-efficient features.
In addition, 21% said they are more likely to consider installing a heat pump than they were a year ago. Interestingly, only 14% of homeowners said they were looking to install solar PV panels. Double glazing (76%) loft insulation (68%) and energy-efficient lighting such as LED (50%) are the efficient features that are most commonly installed or looking to be installed by renovators.
Green with envy
Expect to hear even more about how your friends and family are looking to adopt a sustainable lifestyle in 2024, with cost reductions seemingly a desirable win for homeowners. In fact, 19% of homeowners admit they are envious of their friends and family who have lower energy bills.
James Holmear, Director, at Redrow, said: “Today’s new figures clearly show that people’s concerns about energy have not gone away this year and in fact for many Britons, they are more pressing than ever. It’s no surprise therefore to see so many people considering a new home.
"With the average new build homeowner already saving £135 a month on energy bills, Redrow customers benefit even more thanks to our energy-efficient features like air source heat pumps, helping households across the country reduce the cost of their bills.
“The number of people visiting our developments with energy efficient features at the top of their priority list has increased, and we’ve launched our EPC calculator tool across all our customer experience suites so homeowners can see first-hand how much they could save in a Redrow home against their current home.”