Coventry for intermediaries has found that there is a defined generational difference in attitude when it comes to making green improvements to properties.
Its research has established that 26% of those over the age of 55 would not make any sustainable improvements to their home if they had the option, whereas 98% of those surveyed aged 18-34 said that they would make changes if they had the finances to do so.
Coventry’s report, Beyond the bricks: what does a green housing market really look like?, aims to help brokers to better understand how to position green home improvement products in line with borrower opinion and demand by highlighting key trends and attitudes towards making homes more sustainable.
With younger homebuyers likely to be landing onto the housing ladder for the first time, accommodating their desire to make green home improvements will be an important factor for brokers when identifying the right mortgage products.
The Beyond the bricks report also found that 40% of homeowners said that the main reason they would make eco-friendly changes to their property would be to save money on their energy bills, highlighting that the cost of living crisis is having an impact on spending choices.
Meanwhile, only a minority of homeowners (11%) said that they would make such green changes with the benefit to the environment being the main reason for change.
67% of respondents in the survey also reported that they think green home improvements will increase the value of their property over time. In the current economic climate, brokers should reinforce the positive impact that these products can have on the saleability or rentability of a property, helping individuals to notice the longer term financial benefits of making green home improvements, the Coventry said.
Jonathan Stinton, head of intermediary relationships at Coventry for intermediaries, said: “Our Beyond the bricks report has highlighted that brokers have an excellent opportunity to engage with younger buyers who are 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.”
