Information just released by the Department of Energy and Climate Change reports that improving the green credentials of a property can add up to £12,000 to its value. With these features often costly to implement, homeowners are keen to understand what the most important are to consider and what potential future saving they offer.
The recently introduced ‘Green Deal’ from the Government aims to help homeowners introduce these sustainable measures by offering a loan that is repaid through instalments on the homeowner's electricity bill. But while it seems to be a great initiative that should improve the desirability when it comes to selling while saving money on future energy bills, the cost implications can be expensive with a definite value hard to pin point.
Paul Cooney, Sales Manager at the KFH Chiswick branch, says, “In my experience, giving a value to the eco credentials of a home can prove slightly tricky. Although these do contribute towards the overall package, we find that the majority of our buyers are not primarily concerned with how green a property is, and because the value of a property is directly linked to the demand it has, it can be hard to put into monetary terms.
What we do find however is that buyers are interested in the long term running costs of a property and where we have homes that score low on their EPC ratings, this can sometimes count against them. We’re finding that there are certain sustainable features that are now regularly expected which include double glazed windows, insulation and, increasingly, water saving measures of some sort.”
In the new homes market however, sustainable features are an important part of the construction process with new build properties now required by law to conform to at least level 3 of the Code for Sustainable Homes. John East, Land & New Homes Director at KFH, comments: “Apart from providing a modern home, which offers the latest in style and technology, many buyers are increasingly purchasing new build because of the energy savings it offers. And while conforming to level 3 of the Code for Sustainable Homes is a must, developers are often adding extra measures which go above and beyond, setting their homes apart from the competition.
We’re currently marketing a scheme in Lewisham, SE13, which features a green roof and photo voltaic solar roof panels; offering great savings to residents and these additions have proved extremely popular among interested buyers.”
But these measures are now also being implemented by small scale developers looking to offer something more than the norm. In Chiswick, our KFH branch is selling a contemporary four bedroom (two double and two single bedrooms) eco house on Rugby Road. Recently completed, the property is uncompromisingly modern and has been built to such high eco specifications (level 5 of the Code for Sustainable Homes) that the future owner will not have any significant electrical bills, the water bill will be roughly half what it otherwise would have been and they will also likely receive in the region of £1,000 per year from the ‘feed in’ tariff.
NA Architects, who designed the home, have implemented a host of sustainable features including an exhaust air heat pump, a waste water heat recovery system, rain water harvesting system and photo voltaic solar roof panels to ensure that the property meets its carbon neutral credentials. The property is a great example of how beautiful design doesn't need to be compromised by the inclusion of green features.
Department of Energy and Climate Change: https://www.gov.uk/government/news/energy-saving-measures-boost-house-prices