Efficiency "least important" to Londoners

Tuesday, 08, Jan 2008 08:55

The energy efficiency of a property is regarded as its least important feature by homebuyers in London.

That is according to estate agents Hamptons International, which finds some 67 per cent of property buyers in the capital regard a property's green credentials as its least important aspect.

Instead the size, location and condition of a property remain the key concerns for many homebuyers.

The news follows the recently completed introduction of the government's home information pack (Hip) scheme, which requires every property sold in England and Wales to have an energy performance certificate (EPC).

It appears, despite government assurances the scheme would lead to a reduction in carbon emissions, energy efficiency is still not a top priority for property buyers in London.

"This research highlights how growing concern for the environment is yet to affect buying decisions within the London property market today and probably the overall UK market," said Phil Tennant of Hamptons International.

"In London, so many people are competing for every square inch of property that there isn't the luxury to search by carbon output."

However, the costs of seeking out an environmentally-efficient property could be financially rewarding in the longer term, according to Hamptons.

"With each square foot of property costing upwards of £1,000 in most central areas, the cost of a new, more energy efficient boiler may be the same as just one more square foot," continued Mr Tennant.

Many properties in London are also environmentally inefficient, thus making the search for a 'green' property more complex.

According to Hamptons, homes in London have an average rating of E on the government's E-A scale in terms of energy efficiency, while only 37 per cent of properties score a D rating, and only four per cent achieve a C rating or more.

"With a high number of the properties in London being Victorian or Georgian, this is to be expected.

"However, new build properties are likely to become the focus for developers looking to stress the importance of initial cost outlay versus long-term fuel savings," concluded Mr Tennant.