In a win for the planet, young homeowners are leading the charge for greener homes, putting pressure on politicians to step up their eco game.
New research from NatWest and S&P Global reveals that younger homeowners are more passionate about green living than their older counterparts, with almost half (44%) of those aged 18-44 saying that government policies supporting eco-friendly homes are “very important” to them. This is significantly higher than the 34% of homeowners aged 45-64 who feel the same.
This news comes hot on the heels of Labour’s election victory and their promise to build 1.5 million new homes during their term. Could this be the push needed to see more energy-efficient housing across the UK?
Energy Bills Bite: Renters Feel the Pinch
While homeowners are feeling more positive about managing their energy bills compared to last year, renters are facing a different reality. 44% of renters admitted to feeling less confident about affording their monthly bills, with 18% feeling “much less confident”. This is likely driven by the uncertainty of potential rent hikes from landlords looking to offset rising costs.
And it’s not just renters struggling with rising costs. More than half (51%) of renters earning less than £15,000 a year are seriously worried about affording their energy bills.
Although average energy bills are set to drop by 7% this month, a predicted 10% hike in October is looming, which could spell trouble for many households. However, Labour’s pledge to slash energy bills by £300 per household by 2030, through investment in renewable energy, offers a glimmer of hope.
Eco-Friendly Habits on the Rise
The good news is that Brits are increasingly embracing greener habits. The number of people opting for electric or hybrid vehicles has almost doubled since 2021, with nearly one in ten now driving greener cars.
Public transport is also seeing a resurgence, with 30% of people now regularly hopping on buses and trains to shrink their carbon footprint, up from 23% in 2021. And more people are choosing pedal power over petrol, with cycling on the rise as a way to reduce environmental impact.
NatWest: Making Green Homes a Reality
Lloyd Cochrane, Head of Mortgages at NatWest, highlighted the importance of making green changes accessible to all: “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.”
He stressed the need for practical solutions: “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.”
This September, NatWest, in collaboration with the Sustainable Homes and Buildings Coalition, will release a report shedding light on the main obstacles preventing net zero in UK homes. The report, produced in partnership with British Gas, Worcester Bosch and Citizens Advice, aims to pave the way for a greener future for all.