Around 52% of UK residents view upping the energy efficiency of their homes as a priority, a rise from 37% in 2023.
Santander’s Tomorrow’s Homes report stated that while there was demand and interest from customers to improve energy efficiency, there were still barriers in place.
Around 57% of those surveyed said upfront costs were a barrier to home improvements, and two-thirds said they knew little or nothing about government schemes to incentivise home improvements.
Approximately 65% said they knew little to nothing about financial products to back energy-efficiency improvements.
Nearly two-thirds said they also didn’t know where to find trusted information or guidance on home energy improvements.
Around 64% said a government financial subsidy to lower the cost of improvements would help them proceed with upgrades, while 61% said lower taxes, such as council tax or stamp duty rebates, would be encouraging.
Shaping the mortgage market around today’s first-time buyer
Sponsored by Newcastle for Intermediaries
A cashback reward from their bank to help make properties energy efficient was cited by 57%, while 49% thought an online portal to find local accredited tradespeople to carry out home improvements would be helpful.
Fiona Hyde, head of sustainability at Santander, said: “It’s really encouraging to see how many more UK residents are considering the benefits of energy-efficient homes. With the government target to upgrade five million homes by the end of this Parliament, the Warm Homes Plan presents a prime opportunity to address homeowners’ concerns and incentivise action.
“Finding new ways to tackle both the financial barriers and the lack of knowledge around home energy-efficiency improvements will hopefully mark the turning point for us seeing homebuyer appetite result in action.”
Santander has established partnerships with Octopus Energy, Scottish Power and Vibrant Energy Matters to help customers find accredited installers and suppliers, and offers £1,000 cashback through its Home Energy Cashback to those who borrow to fund an installation with one of their partners.
There is also a £500 discount for customers who have a solar installation with Octopus Energy, and it has worked with CoreLogic to develop a national, free advice retrofit coordination service.
The My Home Manager App also offers customers access to their Energy Performance Certificate (EPC) along with costings for improvements.
There is also a Greener Homes Hub that offers information on energy efficiency, education tools and tips.
