Currently, 53% of the owner-occupied housing stock is currently rated A-C, up from 21% 10 years ago.
Only 22% of homeowners said the main reason for green improvements was to ‘increase the property’s value’, but only 7% were doing so as part of preparations for a sale. This suggests that most homeowners are mainly focused on their own benefit from the work.
Homeowners place significant value on energy efficiency
The research showed 78% of homeowners expect buyers to pay more for an energy-efficient home.
This was notable among younger buyers. Some 32% of those aged 25-34 expected buyers to pay significantly more for an energy-efficient home, compared to just 5% of those aged 55 and over.
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Additionally, 69% of respondents believed that Energy Performance Certificate (EPC) ratings mattered more now than when they bought their home.
Although 77% said an EPC rating would be an important factor when choosing a property to buy in the future, over half of those surveyed did not know their property’s EPC rating.
Actions taken by homeowners to improve efficiency
The most popular measures were adding solar panels, improving insulation and upgrading to energy-saving windows and doors.
Just over half – 55% – of those making energy-efficiency improvements had added solar panels and had done so within the last two years.
This was the most expensive work undertaken, with an average spend of around £11,000, compared to around £4,000 for those improving insulation.
The main incentives to make green improvements for 60% of respondents were to reduce energy bills. For 48% of those surveyed, they wanted to make their home more comfortable.
Nearly three-quarters said they saw energy bills fall as a result of improvements made.
Property rated A, B or C could save around £400 per year on energy costs versus a D-rated property.
Not all owners can prioritise green improvements
Of those who have not made green improvements, the most commonly cited reason was that they could not afford the upfront cost.
A quarter of respondents said such improvements were not a priority, with 19% stating they wouldn’t reduce bills by much, while 21% said they were unsure which improvements would be most effective.
Overall, 17% pointed to a lack of information or understanding of what to do.
The research showed the current pace of improvements is slow. Nationwide said this suggests a need for further incentives to help decarbonise homes.
