New Homes Week 2023: Why Period Properties Are Falling Short Of New Builds
With the rising cost of living prompting more of us to reprioritise the energy efficiency levels of our homes, leading UK property developer SevenCapital suggests that Brits typical love for period homes could be waning in favour of new builds ahead of New Homes Week 2023.
Latest research by the Home Builders Federation shows that new build properties could save homeowners on average £2,500 per property each year when the Energy Price Guarantee increases on 1st April 2023. These savings rise to £3,100 a year when looking at new build houses alone, rather than apartments or bungalows.
The findings, which reviewed government data on energy performance, reveals that the average annual running costs for a new build totals £1,822 when compared to an average cost of £4,940 for older properties.
With the ‘Watt a Save’ report published on Monday 20th February showing that 85% of new build homes had an EPC rating of A or B, compared to just 4% of existing dwellings reaching the same energy efficiency standard, older properties could prove challenging for those looking to keep their energy bills to a minimum.
These figures were corroborated by the Office for National Statistics in 2021 which showed energy consumption in new build properties previously worked out at nearly 50 per cent less than in older properties.
Given that energy prices are set to rise by a further 20% from April as the Government scales back support for households, it’s easy to see how prices in older, less energy efficient homes could spike to nearly three times the amount of new build properties and apartments.
Built to modern standards, new build properties are well-equipped with the latest technology and innovation including low energy lighting, highly efficient heating systems and high-performance windows and doors. This is even more true for new build apartments which generally require less energy to heat the space and have less exposed walls.
Whilst the UK Government has set a goal for households where the cost of heating is high relative to income in England to reach an EPC C or higher by 2030 (where reasonable), new build properties could prove more cost effective for homebuyers in the immediate future.
The British are renowned for having a lasting love for period homes, but if the cost of living crisis persists, new build properties with their outstanding energy credentials could pave the way for the future – particularly for those still hoping to get on to or move up the property ladder.