Research by Go.Compare Energy* has found that 60%* of millennial buyers would be deterred from buying a property with a poor energy efficiency rating. The research also suggests that young buyers are the most concerned about energy efficiency in their homes when compared to other generations.
In Go.Compare Energy’s survey*, UK adults were asked about how important energy efficiency is as a factor when purchasing a property. This research has come at a time when households across the UK are grappling with soaring heating and energy bills, and climate change is hot on the radar for politicians. According to the insurance comparison site’s findings, millennials are the most likely to seek out homes that offer energy-saving ‘green’ features, proving that there is greater climate and economic consciousness of the new generation of buyers.
The survey also found that overall, 51% of Brits would be discouraged from buying a house with a low EPC rating – rising to 60% of millennials. This group made up a higher figure than any other generation, with just 49% of Generation Xers and 45% of the oldest generation acknowledging that they’d be put off by a poor rating.*
According to Go.Compare Energy, 72%* of UK adults are more likely to purchase a property that has a good energy rating. Features that can boost a home’s energy efficiency include ‘green’ energy sources like solar panels and heat pumps, and better heat retention features like double glazing and insulation.
Other notable findings revealed that 35% of Brits don’t know or are not sure what a heat pump is – increasing to exactly half of all millennials. Despite heat pumps being a relatively contemporary feature for homes in the UK, 78% of the oldest generation know what they are. But interestingly, 45% of millennials who were aware of heat pumps agreed that they would be more likely to buy a house with one – more than any other generation.
Current homeowners were found to be more likely to know what a heat pump is. 79% of residents who already own their homes were aware of them, but this figure dropped to just 52% of renters, according to the survey.
59% acknowledged that solar panels are a benefit, citing their ability to reduce energy bills as the main incentive for buying a property with them. This figure jumps to 68% of millennials – higher than Gen X’ers at 54%, and Baby Boomers at 55%.*
Gareth Kloet, energy expert at Go.Compare said: “It’s positive to see that all ages are attracted to energy-saving home features as we move to a more sustainable future. Millennials paving the way in prioritising energy efficiency is not all too surprising, as they have often led older generations in their adoption of new technologies.
”Since older generations are more likely to own their own homes, this may explain why a higher percentage of baby boomers are aware of products like heat pumps. So, more education on these features could be useful for younger people and renters, too, as we move closer to the gas and oil boiler ban.”
Go.Compare*
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