Menu

Adding Value To Your Home With Energy Efficiency

October 22nd 2021
By: Intercounty

At Intercounty, we know the Chelmsford housing market well, and we stay in touch with the latest studies and findings. We are keen to ensure you make informed decisions about the housing market, and if we can, we want you to add value to your home as well.

Get in touch with us to see how we help you in these aims.

According to Rightmove, as of the end of September 2021, house prices in Chelmsford are as follows;

Properties around Chelmsford had an overall average price of £475,824 over the last year.

The majority of sales around Chelmsford during the last year were semi-detached properties, selling for an average price of £411,670. Detached properties sold for an average of £834,819, with terraced properties fetching £335,915.

Overall, sold prices around Chelmsford over the last year were 26% up on the previous year and 30% up on the 2018 peak of £367,215.”

If you are looking to sell your Chelmsford home, there are many things to consider, and the team at Intercounty can help you with everything.

Key aspects you need to consider include:

  1. Administrative tasks

  2. Legal requirements

  3. Getting the best price for your home

We like to think we can help in all these matters, and a recent study about energy-efficiency in homes, and how homeowners can add value to their property, is of interest.

When you sell your home, you need to have an Energy Performance Certificate (EPC) in place, and we will ensure you take care of all legal requirements before placing your home on the market.

You can boost the value of your home

Property Energy Professionals Association (PEPA) has spoken about the importance of Energy Performance Certificate (EPC) ratings on property prices. The organisation has examined research carried out by Nationwide and said that properties holding an A or B rating carry a value that is around 5.2% greater than properties with an F or G rating.

With PEPE stating the average value of property stands at £280,000; this could see an additional £14,500 added to the house price.

Andrew Parkin, PEPA Chairman, says: “With property and energy prices continuing to rise and with increased global focus on energy efficiency and carbon emission reductions, the value of improving energy efficiency in properties is only likely to increase. It makes sense for homeowners to invest in an EPC now to find out what opportunities there may be to enhance the value of their property and reduce energy bills without waiting for the time when they may wish to sell.”

You have a chance to boost the value of your house

Andrew Harvey, senior economist at Nationwide, said: “Decarbonising and adapting the UK’s housing stock is critical if the UK is to meet its 2050 emissions targets, especially given that the housing stock accounts for around 15% of the UK’s total carbon emissions. With this in mind, we used our house price data to explore the extent to which owner occupiers pay a premium or discount for a home due to its energy performance rating. To do this, we included energy efficiency ratings from [EPCs] alongside the usual property characteristics data we use in our House Price Index.”

Andrew Harvey continued by saying; “This allowed us to control for other factors that can influence the value of a house or flat and isolate the impact of energy efficiency ratings alone. Government analysis based on the latest English Housing Survey suggests that if all eligible energy improvement measures defined in the EPC methodology were to be installed in the current stock of dwellings, 98% would be rated A to C, with just 2% in band D or lower. Installing all the recommended energy improvement measures in homes currently rated F or G would result in an average saving of around £1,780 per year.”

Andrew Harvey concluded by saying; “However, the installation cost for such measures is also high at an estimated £25,800, meaning a payback period of around 14 years. The government’s current aspiration is to upgrade as many homes as possible to band C by 2035. The average cost to improve a property to an energy efficiency of band C is c£8,100, though the cost is considerably higher for properties rated F or G. However, the pace of energy efficiency improvements is relatively slow given the scale of the challenge. For example, insulation installation is well below the 2012 peak, the last year of the Carbon Emissions Reduction Target and Community Energy Savings Programme. This suggests a need for further incentives to help decarbonise homes.”

For all sales enquiries in Chelmsford, please feel free to call us on 01245 251442 or why not email us at chelmsford@intercounty.co.uk. With considerable experience in the local housing market, and free valuation services, we look forward to helping you make an informed decision in the Chelmsford property sector