MAB’s research also found 26 per cent would like to make home improvements to make their home more energy efficient.
Government net zero targets have made more people conscious of their property’s energy efficiency ratings, the mortgage intermediary found.
One in five, 18 per cent, aim to prioritise improvements that will make their home more energy efficient while one in ten said they planned to prioritise specific home improvements because they’re worried about their home’s EPC rating.
Not all home improvements are motivated by energy efficiency with 21 per cent of those targeting home improvements doing so to increase property value, 23 per cent to cut their household bills, 13 per cent to increase the appeal of their property and 44 per cent to create a better living environment.
When asked what improvements they would like or intend to make to their property 16 per cent said they would install double or triple glazed windows, while one in seven, 14 per cent said energy efficient fittings.
| Home improvements households plan to make: |
| New windows / double or triple glazing – 16 per cent |
| Energy efficient fittings – 14 per cent |
| Draught proofing – 12 per cent |
| Insulation (i.e. floor, attic) – 11 per cent |
| Solar panels – 11 per cent |
| Install a new energy efficient boiler – 10 per cent |
| Electric charging point (outside for EVs) – 7 per cent |
| Heat pumps – 6 per cent |
The cost-of-living crisis, however, is holding many back from making their intended home improvements.
MAB’s research found 21 per cent could not afford to make home improvements and 28 per cent planned to compromise on which improvements they made and focus on smaller jobs until they could afford more expensive ones.
Ben Thompson (pictured), deputy chief executive at Mortgage Advice Bureau, said: “Ambitious plans from the Government to reach net zero are motivating many to think about their carbon footprint and how they can make their homes more energy efficient.
“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 what they can do to make their homes more environmentally friendly, from physical improvements to the financing options that help them reach their property goals.”
