It is easy to see why so many people are scared about rising energy prices. We are now in October, and while the temperature has dipped, as you would expect at this time of year, colder days are coming.
It is the thought of rising energy bills which is driving UK homeowners to spend an expected £16.3bn on energy-efficiency improvements in the next 12 months. This is from a study by a glazing firm, who understandably have an interest in selling homeowners energy-efficient home improvements, but at least their findings point to other solutions being more suitable in many cases.
Small improvements can provide long-term benefits
The study suggests homeowners are looking to spend an average of £2,792 in the next year, and 16% of property owners are likely to spend more than £5,000 to improve their home.
28% of respondents intend to upgrade their boiler, and 27% are likely to improve draught proofing around their home.
The top 10 in the findings were:
1: Replace the boiler with a new energy-efficient alternative (28%)
2: Draught proofing (27%)
3: Upgrading doors to be double/triple glazed (25%)
4: Upgrading windows to be double/triple glazed (24%)
5: Replacing all lightbulbs with energy-efficient alternatives (23%)
6: Install solar panels (22%)
7: Lining the loft with insulation (21%)
8: Install a heat pump (20%)
9: Installing hot water tank insulation (19%)
10: Installing cavity wall insulation (18%)
Tom Butler from MyGlazing.com, spoke about the findings of the study to Property Reporter, saying: “It goes without saying that, as a nation, we’re facing considerable challenges when it comes to the cost of living. However, it’s promising to see that so many homeowners are planning to make energy-efficient home improvements in the near future. Even though the initial cost of some green improvements can be costly, the long-term benefit makes them a real investment. For example, up to 24% of heat energy can escape from old, draughty glazing so upgrading windows to be double or even triple glazed can really help to improve a property’s energy efficiency.”
Add value to your home with energy efficient improvements
While it is important to recognise home improvements can lower energy bills, there are also longer-term benefits to this style of work. If you are looking to add value to a home, or you want to make it more appealing to likely buyers, improving the energy efficiency of the property makes sense.
One recent review from a consumer advice website suggests would-be buyers will pay a premium of 15% for a property which holds an EPC rating of C or higher.
Tom Butler also said: “Ultimately, the importance of homes being energy efficient is only going to increase in the future, and our research shows buyers are willing to pay a considerable amount more for a property which has a lower carbon footprint. From reducing energy bills to increasing buyer appeal, green home improvements are an investment which homeowners shouldn’t overlook. Even if you’re not planning to sell your property in the near future, energy-efficient home improvements will ultimately help you save money on your energy bills.”
Contact Anthony Jones for all Wynyard property matters
If you are looking for help with any matter of the Wynyard property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.
