Younger buyers more open to green improvements

While a quarter of over-55s wouldn’t make any green home improvements if they have the option, the vast majority of young people are keen on going green.

Some 98% of 18-34-year-olds said that they would make changes if they had the finances to do so, research from Coventry for Intermediaries shows.

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.”

Two fifths (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, Coventry’s Beyond the bricks report found

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.