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Fewer homeowners considering sustainable home improvements and EPC ratings

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  • 03/05/2023
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Fewer homeowners considering sustainable home improvements and EPC ratings
The proportion of people who consider an Energy Performance Certificate (EPC) rating a very important factor to consider has fallen to 39 per cent, down from 41 per cent previously, according to a new survey.

Natwest’s Greener Homes Attitude Tracker has revealed that this is up from 36 per cent in the same period last year.

Nearly a quarter of those aged 35 to 44 were most likely to say that an EPC rating of C or higher was essential, and those aged 18 to 24 were least likely at 13 per cent.

Around 63 per cent of homeowners surveyed said that they had plans to make sustainable home improvements in the next decade, which is a decrease from 66 per cent in the last quarter of 2022.

Plans for the next one to five years fell from 33 per cent to 31 per cent and for the next six to 10 years, there was a reduction from 19 per cent to 17 per cent.

The proportion planning on making improvements in the next 12 months went down slightly from 22 per cent in Q4 2022 to 21 per cent in Q1 2023.

Electric car charging points were the feature most likely to be installed in the next decade at 37 per cent, followed by solar panels and triple glazing at 34 per cent.

A smart meter was most likely to be installed in the next 12 months at 10 per cent.

 

Cost of works biggest barrier to sustainable home improvements

The cost of works was the largest barrier to sustainable home improvements, with 71 per cent of homeowners not planning such works citing it. This is unchanged on the previous quarter.

The disruption caused by works was mentioned by around 28 per cent of those not planning sustainable home improvements.

The report found that the extension of the Energy Price Guarantee until June was critical, with around half saying they were not confident or not at all confident being able to afford to pay higher gas or electricity.

However, Natwest said that there is a knowledge gap on how the guarantee worked. Less than a third could correctly identify changes due to come into April before it was extended and only 12 per cent believed the guarantee would have meant a cap on bills of £3,000 per year irrespective of energy use.

Lloyd Cochrane, head of mortgages at Natwest said: “Our data has shown that homeowners continue to be affected by increased costs, in particular gas and electricity bills – an ongoing worry over the last year.

“The extension of the UK Government’s Energy Price Guarantee to June comes at a critical time, with half of households stating they were not confident in being able to afford to be paying higher energy bills.”

He continued: “We also know that homeowners are keen to make changes that will save money and combat climate change – but the costs of making these changes remain a barrier for homeowners.

“These insights have formed part of our work across industry, through public private partnerships, and our engagement with government to propose policies that can work positively to support consumers improve the energy efficiency of their homes.

“It is key that we support customers financially, so they are not held back from boosting demand for energy efficient products and services.”

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