While 26% of over-55s wouldn’t opt for sustainable home upgrades, a striking 98% of 18-34-year-olds would if finances allowed.
The study, ‘Beyond the bricks: what does a green housing market really look like?’, aims to guide brokers in aligning home improvement products with borrower demands, focusing on sustainability trends.
For young first-time homebuyers, the option for green improvements is increasingly important. Brokers need to consider this when recommending mortgage products. The report also highlights that 40% of homeowners consider energy bill savings as the main reason for eco-friendly renovations, influenced by the cost of living crisis. Only 11% prioritize environmental benefits as their primary motivation.
Additionally, 67% believe green improvements boost property value, suggesting brokers should emphasize the long-term financial and market advantages of these upgrades.
Reducing the price of energy bills
Jonathan Stinton, head of intermediary relationships at Coventry for Intermediaries, commented:
“Our Beyond the bricks report has highlighted that brokers have an excellent opportunity to engage with younger buyers hoping to reduce the price of energy bills in the current cost of living crisis.
“Brokers who are looking to win new business as older homeowners start to fall out of the buying cycle will need to make sure they advise effectively on green home improvement offerings.
“Younger buyers are more predisposed to the all-round benefits of these products, and in the longer term they are likely to see the return on investment when they sell their home in a way older demographics might not. Offering and educating younger homeowners on mortgage products that enable this behaviour will be a great new business tool for brokers.”