Whether you are looking to buy a house, sell a house or increase its value, this article will be helpful. This article is about the increase in property prices of housing with a low-carbon footprint. The government’s battle to cut down fossil fuel heating may start with one of the most desired low-carbon sources, which I’ll discuss later.
Due to the increase of 54% in energy bills this April 2022, we have seen the low carbon lifestyle increasing the property market.
Homebuyers are now paying a 59% premium against the average home price for properties with low carbon features.
The UK is predicted to spend an average of £693 extra per year on gas that fuels and heats homes which is another factor in spending a premium on housing with low carbon features.
It is mainly seen in the Southwest the use of more renewable sources with only 19% of the Southwest using mains gas. On the other hand, the Northeast with 87% of people who rely on mains gas. Most people in the southwest use various alternative sources, such as electricity, community housing schemes and heat pumps, keeping them greener.
Coming out of lockdown, we have also seen a rise in people working from home. Throughout the winter times, being at home more has already seen people turning the heating up more, with this and the increase in energy prices is another reason we are seeing the low carbon housing market increase in price.
The price increase has seen people buying properties with plots of land, adding their renewable energy sources to the property. Adding the option of low carbon energy solutions to the property gives you a greener, cleaner future but saves you from the increasing energy prices.
With the increasing energy prices, many people are looking to get their properties greener and cleaner. People are willing to pay more for properties run by at least 75% renewable energy.
Heat pumps are possibly the most desirable source of low carbon solutions, with the government aiming to install 600,000 heat pumps a year by 2028. They are expensive to install, but they are a long-term investment and add to the overall property value.
A heat pump is a pump that takes in heat from heat from the surrounding air and ground. It takes this heat and then increases it to the needed temperatures to use in the home. Heat pumps powered by electricity will help you cut down the fuel consumption.
Pros and cons of a heat pump:
|· Lower running costs
· Less maintenance
· Better safety
· Low carbon footprint
· Provides cooling
· Long lifespan
· Eligible for the RHI scheme
|· High upfront cost
· Difficult to install
· Requires significant work
· Issues in cold weather
· Planning permissions required
Is this the changing market that will push you to go low-carbon and be clean and green?