One in six to make home improvements to increase EPC rating

Brits who intend to make home improvements to their property are being motivated by the need to boost their EPC ratings.

The Mortgage Advice Bureau has found that one in six – 17% – Brits would like to make home improvements to raise the EPC rating on their property. 26% would like to make home improvements to make their home more energy efficient.

With the government’s ambitious Net Zero targets in place, which involves decarbonising homes, many people are becoming more conscious of their energy efficiency ratings.

When thinking about their property and home improvements they wish to make, almost one in five – 18%) – said they will prioritise improvements that will make their home more energy efficient. Some 8% said they will prioritise specific home improvements because they’re worried about their EPC rating.

Not all home improvements are motivated by energy efficiency, however. 21% of those that intend to  make home improvements wish to do so to increase the value of their property, 23% said it was to cut household bills, while 13% said it would be to increase the saleability of their property. 44% said that they would like to make improvements to create a better living environment.

When asked what improvements they would like or intend to make to their property, nearly one in six (16%) said they would install double or triple glazed windows, while one in seven (14%) said energy efficient fittings.

The cost-of-living crisis, however, is limiting many from making their intended home improvements. 21% said they cannot afford to make home improvements. 28% said they will compromise on which improvements they make and focus on smaller jobs until they can afford more expensive ones.

Ben Thompson, deputy CEO at Mortgage Advice Bureau, commented: “Ambitious plans from Government to reach Net Zero is motivating many to think about their carbon footprint and how they can make their homes more energy efficient. This is hugely encouraging, particularly when we consider that buildings are responsible for around 17% of the UK’s national emissions. Of course much work is still to be done to help make housing stock more eco-friendly, but even little steps made by individuals, such as changing a light bulb, can start to make a big difference.

“While these bold goals are in place, they will only be met if we have synergy from all parties, including lenders, brokers, trade bodies, Government, and consumers. The property industry is integral to implementing change and has a responsibility to help educate homeowners on they can do to make to their homes more environmentally friendly, from physical improvements to the financing options that help them reach their property goals.”

SOURCE: Property Industry Eye | JULY 26, 2022 | MARC DA SILVA