Three in four (75%) Brits say they would like to make their home more energy efficient but a quarter (23%) cannot afford to do so, research from the Mortgage Advice Bureau has revealed.
The huge rise in the cost of household bills, as the energy price cap rose by 54% in April, has shifted people’s priorities.
Well over a third (37%) said they have prioritised their household bills over making home improvements, as 35% said energy bills have increased by too much.
Ben Thompson, deputy chief executive at Mortgage Advice Bureau, said: “The government’s ambitious plans to reach net zero targets is having an effect on households, with an impressive number of people having the intentions to make their homes more energy efficient.
“But despite this desire, consumers are being hit from all sides with the cost-of-living crisis, including soaring inflation and rising household bills.
“This means households are having to delay their desired energy efficient home improvement goals to prioritise their finances.
“More needs to be done to help consumers (such as working with lenders to help people make sensible and informed choices which will ultimately support the government in reaching their targets, while also helping the environment and potentially reducing household energy costs.”
The government plans to make it so landlords have to bring properties up to an EPC level of C for new tenancies by 2025 or 2026, as well as for existing tenancies by 2028.
Landlords can claim tax relief when making green upgrades, but it’s still a costly endeavor.
Indeed, according to Shawbrook research landlords who have upgraded their homes have spent £8,900 on average thus far.
Worrying the average EPC rating for homes built between 1930 and 1982 is D, meaning homeowners have a lot of work to do when it comes to improving the standard of the UK’s housing stock.