Young homeowners more in favour of policies that support making their properties environmentally sustainable
The latest Greener Homes Attitudes Tracker has revealed that younger homeowners (aged 18-44) are more inclined than their older counterparts (aged 45-64) to see the value in green home-improvement policies. This growing support for sustainable living comes at a crucial time, as energy bills are expected to rise by 10% on October 1st, despite a temporary reduction earlier this year.
Key findings include:
- 44% of younger homeowners view sustainable policies as “very important,” compared to 34% of older homeowners.
- 18% of renters feel “much less confident” about affording their current energy bills, with concerns rising alongside potential rent increases.
- An increase in the use of public transport and cycling as greener habits gain traction, reflecting a shift towards more sustainable lifestyles.
Following their recent electoral victory, these insights come as Labor promises to build 1.5 million new homes with a focus on sustainability. As we approach the colder months, and with energy costs set to rise in October, the emphasis on making homes more energy-efficient has never been more critical.
A shift in green policy priorities?
Leading up to the General Election, we asked respondents how important it is to them that political parties have policies offering support in making homes more environmentally sustainable.
The data found that:
- 39% of homeowners (either owning outright or buying with a mortgage) said it was “very important”, compared to 34% of renters
- Younger homeowners are more in favour of policy proposals than their older counterparts. 44% of homeowners aged 18-44 answered “very important”, versus 34% of those aged 45-64.
With Labour’s recent victory, the party has promised to build 1.5 million new homes over the course of the next parliament.
Where are we with energy bills?
When it came to energy bills, renters were less confident than homeowners on affording current bills than a year ago.
Average bills are due to fall by some 7 per cent this month, however a rise of 10 percent is forecast to come into effect on October 1, which will drive up bills this winter. However, Labour has pledged to cut energy bills by £300 per household from 2030, by investing in more clean renewable energy.
The data found that:
- 18% of renters said they were much less confident in meeting their bills each month, and a further 26% said they were ‘a little less confident’ – this is likely due to fear of the unknown in landlords raising rental costs per month.
- In comparison, confidence has improved for homeowners (either owning outright or buying with a mortgage). 35% stated they were more confident, with only 27% saying that they were now less confident.
- More than half of renters in the lowest income band (annual earnings less than £15,000) were less confident about being able to afford their current energy bills than a year ago (31% said “much less confident”).
Public transport and thrifting on the rise for greener habits
When it came to making greener changes, nearly one-in-ten people reported driving either a fully electric or hybrid vehicle, almost twice the recorded number since 2021.
The data also showed a rise in the regular use of public transport, with around 30% reporting they that they do so in order to reduce their environmental impact, up from 23% in 2021. This is alongside an uptick in the number of people choosing to cycle instead of using a car in order to reduce their environmental impact.
Lloyd Cochrane, Head of Mortgages at NatWest said: “From our own research, we know that making greener changes is an important part of home ownership, particularly for the younger generation. We’ve seen a real shift in people being environmentally conscious – whether that’s looking to save on energy bills or taking public transport to reduce their carbon footprint.
“Relevant solutions, suppliers and funding needs to be more accessible to customers and homeowners across the UK. In order for people to realise the potential benefits and confidently undertake work to their homes, it’s incredibly important that we’re able to provide viable solutions to these property owners. Partnerships are key in helping us to do that and helping customers to get started on their home energy efficiency journey.”
As part of the Sustainable Homes and Buildings Coalition, NatWest will be launching the latest report in September with British Gas, Worcester Bosch and Citizens Advice to investigate the key blockers to net zero in residential homes.
For more information about the NatWest Greener Homes Attitudes Tracker, visit https://www.natwest.com/mortgages/greener-homes-attitude-tracker.html
