New research from Mortgage Advice Bureau finds that six in ten prospective homebuyers are more likely to make an offer on a property if it has a good EPC rating.
The findings highlight the rising importance of energy efficiency among buyers, with 29% of those surveyed considering energy efficiency to be the decisive factor in their decision-making process, while almost a third (31%) said that they would be somewhat influenced by the EPC rating of a property to make an offer.
The survey showed that a further 17% of prospective buyers actively go out of their way to research the EPC rating when searching for a property – perhaps influenced by the rising cost of energy and energy price cap increase as we head into the winter months.
Ben Thompson, deputy CEO at Mortgage Advice Bureau, says there’s a growing need for using the “carrot instead of the stick” approach to properly reward those going green and push toward net zero.
“The UK has some of the leakiest housing in Europe, and with energy performance now considered amongst the fundamental factors that buyers look for, sellers and developers should be focusing on this.”
“Incentivising buyers through green mortgages could be achieved by offering them rewards or by going even further, with support from the government to offer the potential of a Stamp Duty rebate for those who retrofit a newly bought home to a C or above. This can ultimately improve the affordability of borrowers in the long run, improve market conditions, and make a difference to net zero targets.”
