Is the demand for sustainable homes growing?
63% of the 1,730 prospective new homebuyers surveyed by housebuilders, Redrow Homes, indicated a desire to purchase a sustainable home and 38% actually said they intended to. In fact, 82% said they were willing to pay more for such a home, with more than a quarter prepared to pay at least a 6% premium.
As well as being questioned on their purchase intentions, the research also delved into the factors that influence homebuyers’ decisions.
Those surveyed ranked lower energy bills as more important than a garden, parking space, amenities, external appeal and design of home, and fittings and appliances when choosing a home; while 78% agreed the purchase of a ‘greener’ home was likely to have a positive environmental impact; and 92% had a positive attitudes towards making such a purchase. Interestingly, more than two thirds believed that ‘significant others’ in their lives would approve of the decision to opt for a greener home.
The data was analysed for an academic research project by Redrow Homes sustainability manager Nicola Johansen.
Nicola says: “Our findings challenge the long-claimed, but previously under-researched, assertion within the industry that there is limited customer demand for sustainable homes. It also offers new insights into the factors that influence purchasers’ decision making.
“We hope the findings will also help the housebuilding industry to better understand the extent of customer demand for sustainable homes and, by doing so, put more effort into communicating these benefits to potential buyers.”
With 60% of respondents agreeing or strongly agreeing that they would be more likely to buy a new home from a company building sustainable homes, the evidence suggests that constructing more environmentally friendly properties, and promoting their credentials, can add value for the wider business.
The study also highlighted some areas that can be addressed by housebuilders to assist homebuyers with their purchasing decisions.
While the majority of homebuyers were confident that a more efficient home would save them money (65%) and that it would be more comfortable (62%), a quarter indicated they thought it would be difficult or very difficult to buy a sustainable home and almost half of respondents weren’t confident of how sustainability features work.
Nicola adds: “This new research will hopefully provide a benchmark for homebuilders to gear their building methods and marketing strategies towards catering for what is clearly a significant demand from consumers for sustainable homes.”