Young homeowners more in favour of greener properties

The latest Greener Homes Attitudes Tracker from NatWest and S&P Global, reveals that younger homeowners are more in favour of policies to help their homes become environmentally sustainable compared to their older counterparts.

Leading up to the General Election, we asked respondents how important it is to them that political parties have policies offering support in making homes more environmentally sustainable.

The data found that:
•    39% of homeowners (either owning outright or buying with a mortgage) said it was “very important”, compared to 34% of renters
•    Younger homeowners are more in favour of policy proposals than their older counterparts. 44% of homeowners aged 18-44 answered “very important”, versus 34% of those aged 45-64.
With Labour’s recent victory, the party has promised to build 1.5 million new homes over the course of the next parliament.

Where are we with energy bills?

When it came to energy bills, renters were less confident than homeowners on affording current bills than a year ago.
 
Average bills are due to fall by some 7 per cent this month, however a rise of 10 percent is forecast to come into effect on October 1, which will drive up bills this winter. However, Labour has pledged to cut energy bills by £300 per household from
2030, by investing in more clean renewable energy.

The data found that:
•    18% of renters said they were much less confident in meeting their bills each month, and a further 26% said they were ‘a little less confident’ – this is likely due to fear of the unknown in landlords raising rental costs per month.
•    In comparison, confidence has improved for homeowners (either owning outright or buying with a mortgage). 35% stated they were more confident, with only 27% saying that they were now less confident.
•    More than half of renters in the lowest income band (annual earnings less than £15,000) were less confident about being able to afford their current energy bills than a year ago (31% said “much less confident”).
When it came to making greener changes, nearly one-in-ten people reported driving either a fully electric or hybrid vehicle, almost twice the recorded number since 2021.

The data also showed a rise in the regular use of public transport, with around 30% reporting they that they do so in order to reduce their environmental impact, up from 23% in 2021. This is alongside an uptick in the number of people choosing to cycle instead of using a car in order to reduce their environmental impact.

From our own research, we know that making greener changes is an important part of home ownership, particularly for the younger generation. We’ve seen a real shift in people being environmentally conscious – whether that’s looking to save on energy bills or taking public transport to reduce their carbon footprint.

Relevant solutions, suppliers and funding need to be more accessible to customers and homeowners across the UK. In order for people to realise the potential benefits and confidently undertake work to their homes, it’s incredibly important that we’re able to provide viable solutions to these property owners. Partnerships are key in helping us to do that and helping customers to get started on their home energy efficiency journey.

Access the full Greener Homes Attitudes Tracker here