New research has revealed that a majority of property buyers are willing to pay more for an eco-friendly home. According to Redrow Homes, 63% of prospective buyers want to purchase a more environmentally friendly home, while 82% said they were willing to pay more for one. The findings challenge the long-held claim that consumer demand […]
New research has revealed that a majority of property buyers are willing to pay more for an eco-friendly home.
According to Redrow Homes, 63% of prospective buyers want to purchase a more environmentally friendly home, while 82% said they were willing to pay more for one.
The findings challenge the long-held claim that consumer demand for greener living is limited.
Redrow polled 1,730 people to find out their views on going greener and the factors that influence their choice of home. The survey found that over three-quarters (78%) agreed the purchase of a sustainable home was likely to have a positive environmental impact.
Lower energy bills were ranked as more important than a garden, parking space, amenities, external appeal/design of home, and fittings and appliances, when choosing a home and more than a quarter were willing to pay at least a 6% premium for a home with sustainable features.
Nicola Johansen, sustainability manager at Redrow Homes, said: “Our findings challenge the long-claimed, but previously under-researched, belief that there is limited customer demand for sustainable homes.
“As a responsible business, reducing the carbon footprint of our developments is a priority. However, we also recognise it’s important to listen to our customers so we can build the homes they really want to live in and help them to make a lifestyle change for the better. This research helps us to fully appreciate what purchasers are looking for from their home and their homebuilder.”
With 60% of respondents agreeing or strongly agreeing that they would be more likely to buy a new home from a company building sustainable homes, the evidence suggests that constructing more environmentally friendly properties could be a wise business choice for developers, Redrow said.
The study also highlighted some areas where homebuilders can help their customers by providing more information about the eco-credentials of properties that are already on the market.
While the majority of homebuyers were confident an eco-home would save them money (65%) and that it would be a more comfortable home (62%), a quarter indicated they thought it would be difficult or very difficult to buy such a home and almost half of respondents weren’t confident of how sustainability features work.
Johansen added: “This helps us build on our knowledge of what our customers are looking for from their home so we can provide them with the relevant information to inform their purchasing decisions.”
