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Will Energy Efficiency Changes Hurt Homeowners?

Published: 24/03/2021

There is no denying the importance of energy efficiency these days, and many people are looking to make changes to their home. There is also a lot to be said for buyers considering the environmentally friendly nature of a property before making an offer.

Green homes are appealing, and vendors should consider the importance of improving the energy-efficiency of their home before selling their house.

However, Propertymark have criticised energy efficiency proposals from the Government as being “unrealistic, too simplistic and could deter people from moving home.”

It is expected the Government will impose an average target of EPC band by 2030, with a maximum level of spending per property being pegged at £10,000.

Some homes will be harder to sell

Propertymark has highlighted this will make older properties harder to sell. Homes in rural areas, or which are older and score poorly on the EPC rating will need a considerable amount of work to be meet the new criteria. Some of these properties might not be able to meet this criteria, or the cost of doing so could be prohibitive.

Propertymark says; “Without a lower maximum spend limit and additional funding support Propertymark is concerned that many would-be home buyers will not be able to afford improvement works on top of the existing costs associated with home moving and could be deterred from moving altogether.”

First-time buyers might be impacted

The organisation also states they are worried about the cost of borrowing, and the impact it will have on first-time buyers. There are calls for these buyers to be exempt from the new proposals, and this could be a way of helping them step onto the property ladder.

Then, after buying the property, these homeowners could be incentivised to make changes. Propertymark are calling for improved energy efficiency to be linked with property taxes.

This could be achieved by; “Firstly, apply the adjustments as a reduction on more energy-efficient properties and those properties that have been made as energy efficient as practically possible. Secondly, offer rebates to home buyers if energy efficiency improvements are made to less efficient properties within a certain time period from the point of purchase”, according to Propertymark”.

According to Rightmove, as of the end of February 2021, the Bromley housing market is performing as follows:

“Properties in Bromley had an overall average price of £522,279 over the last year.

The majority of sales in Bromley during the last year were terraced properties, selling for an average price of £447,386. Flats sold for an average of £327,958, with semi-detached properties fetching £585,764.

Overall, sold prices in Bromley over the last year were 9% up on the previous year and 7% up on the 2017 peak of £486,188.”

If you are looking to make a move in the Bromley property market, and you would like to speak with local experts, please get in touch. If you would like to arrange a property valuation, contact us and we will set this up for you. You can phone your BR Estate Agent on 020 3633 8620 from 9am till 9pm seven days a week or visit our website www.br-estateagent.co.uk for more information.