Majority of millennials crave eco-homes even as cost of living bites, finds Barratt
Young househunters in Scotland are prioritising environmental credentials when buying a new home, despite rising living costs and higher mortgage rates, according to Barratt Developments.
The Tackling the Cost of Living Crisis research by Barratt Developments - which includes Barratt Homes and David Wilson Homes, has revealed that Gen Z and millennials aged between 25 and 34 are more likely to pay more for a home with good eco credentials than any other age category, with over six in ten (62%) willing to sacrifice cash in favour of sustainability.
Meanwhile, their elder counterparts (aged 55-64) were revealed as the least likely to consider spending more on an eco-friendly home, with just over half (53%) willing to spend more. However, the research shows that all age groups surveyed are more interested than not in paying more for a sustainable home.
Other trends revealed in the research include buying a home and renting out a room to generate more income and buying a home with a friend or family member to get on the property ladder, with the youngest homebuyers (18-24) most likely to consider both those options.
Doug McLeod, regional managing director for Barratt Developments Scotland, said: “For young people, buying a new home is already a daunting process, but with increased bills, rising mortgage rates and inflation thrown into the mix, it can seem even further out of reach. With this in mind, it’s great to see that our research revealed so many young people are passionate about making conscious, long-term decisions about eco-credentials when looking to buy a new home.
“We work closely with our suppliers to ensure we use the most up-to-date technology and build techniques, making a new Barratt home significantly greener, more energy efficient and cheaper to run.”
Barratt Homes and David Wilson Homes feature highly thermally efficient insulation, argon-filled double-glazing and solar panels to help owners live sustainably and also save cash on their bills. Inside the home, eco-friendly features including A+/A rated water efficient appliances help reduce water wastage.
Thanks to these advanced systems and technologies, Barratt and David Wilson Homes are up to 64% more energy-efficient, which could save homeowners up to £2,200 per year on bills, based on HBF “Watt a Save” report published July 2023.
Those buying an energy-efficient Barratt or David Wilson Home may qualify for number of green mortgage products, which encourage homeowners to buy energy-efficient homes and could include a preferential interest rate, an increased loan amount or cashback.
To help ease the financial burden of purchasing a new home, Barratt Developments recently announced a deposit or mortgage contribution scheme, offering homebuyers up to £30,000 towards their deposit or mortgage repayments.