More housebuyers in the East of England are turning to energy efficient new-build homes in the face of rising energy prices, according to Vistry East Midlands.
The housebuilder is reporting an increase in customers opting to buy new because of the growing gap between the cost of heating new and older properties as the effects of the global energy crisis continue to be felt on households in the UK.
It comes as new research by the Home Builders Federation (HBF) has found that the average new-build home uses less than half the energy of a typical older property – equating to an average saving of £2,000 on a homeowner’s annual bill.
Vistry, which is building under its Linden Homes and Bovis Homes brands at locations across the East of England, says that the upward pressure on household budgets caused by soaring gas and electricity bills means that energy efficiency has become a bigger priority for people looking to move house.
And with average bills set to rocket to £10,000 from next April according to some forecasts, the developer believes that the appeal of living in an energy efficient new-build home will only continue to grow.
Nic Chapman, sales and marketing director at Vistry East Midlands, said: “This latest research from the Home Builders Federation illustrates quite clearly the cost and energy saving benefits of buying a new-build home as opposed to an older property.
“While it’s long been recognised that new-build homes are more energy efficient than their older counterparts, the current energy crisis has brought this fact into sharper focus for households all over the country.
“We are witnessing the impact of that here in the East of England, where many people who may not previously have chosen to buy a new-build home are deciding that the long-term savings they will make are simply too big to ignore.
“Each one of our homes benefits from modern technology, fitted as standard, which includes thermally efficient flooring, low-emissive insulation in the walls, ground floor and loft, double-glazed windows and doors and energy-efficient boilers. All these features help to maximise energy efficiency and minimise costs for homeowners.”
The HBF data shows that the average energy bill for a new-build home in the year to June 2022 was £1,500, compared to £3,570 for a typical older property – a difference of more than £2,000. The annual saving was £2,600 when new-build and older houses, excluding smaller properties such as flats and bungalows, are compared.
The research also shows that new-build homes emit a third less carbon than older properties, an annual saving of 2.2 tonnes of C02 every year.
These findings have led the HBF to call on mortgage providers to consider the environmental benefits of energy efficient homes when lending to new-build customers – something that Vistry would support.
Nic said: “While we agree with the HBF that offering mortgage products which incentivise people to choose energy efficient homes is something that should be encouraged from an environmental perspective, the huge saving that new-build homeowners can enjoy on their energy bills is already proving a significant financial incentive for housebuyers.”
Stewart Baseley, executive chairman of the HBF said: “The energy crisis is highlighting starkly the efficiency benefits and cost savings provided by new build homes. Energy efficiency is a growing priority for house-hunters and the financial savings clearly demonstrate why. In the face of the cost-of-living crisis we now need lenders to take these savings into account so that consumers can benefit further through cheaper mortgages.”
Vistry is building hundreds of new homes under its Linden Homes and Bovis Homes brands at seven sites in Cambridgeshire, including in Northstowe, Ely, Sawtry, Brampton and Witchford.
For more information about the new homes being built by Vistry in Cambridgeshire, visit bovishomes.co.uk and lindenhomes.co.uk.
