Eco Concerns Take Back Seat When Buying a House - Owing to Rising Cost of Living
10 August 2022
As the cost-of-living crisis continues to bite, new call data from Moneypenny, shows eco features are falling off the wish-list of prospective house buyers.
The company, which handles calls and live chats for thousands of companies globally, analysed call volumes handled for its estate agent clients in which eco property terms were mentioned, such as ‘solar panels, insulation, renewable energy, ground source heat pumps, and energy performance certificates’.
From hundreds of calls analysed, the data revealed that while there was a 42% year on year increase in these eco property features being mentioned in calls handled from 2019-20, this declined by 5% from 2021-22.
Looking deeper into the data, Moneypenny found that, perhaps owing to heat pumps having been widely reported as an environmentally friendly alternative to gas-powered heating, there was a 200% increase in property calls enquiring about this heating method from 2019-20, yet call volumes mentioning heat pumps dropped by 28% from 2021-22.
Trends in Moneypenny property-related calls that mentioned other eco property features:
Solar panels – calls mentions
2018 - 19 + 11%
2019 - 20 + 18%
2020 - 21 + 46%
2021 - 22 – 17%
Energy Performance Certificate – calls mentions
2018 - 2019 + 19%
2019 - 2020 + 53%
2020 - 2021 + 3%
2021 - 2022 – 7%
Insulation – call mentions
2018 - 2019 + 8%
2019 – 2020 + 8%
2020 - 2021 + 21%
2021 - 2022 – 13%
One eco property feature that bucks this trend is BEV car chargers, with enquiries about these continuing to increase, by 64% from 2021-22, albeit at a lower increase compared to 2020-21, when EV car charger mentions increased by 111%.
Joanna Swash Group CEO from Moneypenny commented: “Moneypenny frequently acts as a barometer for the economy, as we can see consumer trends through our call data, but we were really surprised by the reduction over the last year in prospective buyers’ interest in eco features when enquiring about a property. Eco features typically come with a cost premium, so our data would suggest consumers are willing to forgo these features as the cost-of-living crisis affects their purchasing power.”
Sharon Boyle, Head of the Property sector at Moneypenny said: “For housebuilders this data is a clear indicator of where homeowners’ green interests lie and what they’d like to see included within new homes, while for agents it shows which energy-saving features are not only a conversation starter with potential sellers and buyers, but a means to stand-out too.”
