Almost all (98 per cent) younger homeowners - those aged 18-34 - said they’d make green changes to their property if they had the option to.
According to research from Coventry for intermediaries, this stood in contrast to those older homeowners over the age of 55, 26 per cent of which said they wouldn’t make any sustainable improvements to their home if they had the option.
Coventry stated that the research, Beyond the bricks: what does a green housing market really look like?, will help brokers to better understand how to position green home improvement products.
It explained that this could be done in line with borrower opinion and demand by highlighting key trends and attitudes towards making homes more sustainable.
Jonathan Stinton, head of intermediary relationships at Coventry for Intermediaries, said that the findings highlighted an “excellent opportunity” for brokers to engage with younger buyers.
“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,” he explained.
“Younger buyers are more predisposed to the all-round benefits of these products, and in the longer term they are not 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.”
The research also stated that accommodating younger savers’ desire to make green home improvements will be an “important factor” for brokers when identifying the right mortgage product.
Motives
Additionally, the report discovered further reasons why homeowners would make green changes to their property.
Some 40 per cent of homeowners said that the main reason they would make changes 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 11 per cent of homeowners said that they would make such green changes with the benefit to the environment being the main reason for change.
An additional 67 per cent of respondents said they think green home improvements will increase the value of their property over time.
tom.dunstan@ft.com
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