A landmark study from Cornerstone Tax found that millennials are leading the way for sustainability. The study showed that 40% want to make energy-efficient changes to their homes in 2022 – compared to 34% of 45-54-year-olds. Research from Nielsen also suggests they are the most eco-conscious generation to date, with 76% seeing caring for the environment as a top priority.
Cornerstone’s nationally representative study also found that 21% of 25-34-year-olds would move house to enable them to live a greener life – this is in stark contrast to just 7% of 55-64-year-olds.
Homeowners can often feel forced to move to make their properties more eco-friendly due to planning restraints or start-up costs. However, a lack of energy-efficient homes is also a key issue that the UK is facing in terms of becoming more environmentally friendly.
Residential properties are responsible for a fifth of the UK’s carbon dioxide emissions, prompting the government to pledge that by 2035 every home should have an EPC rating of C or above as part of its long-term plan to tackle climate change.
The lofty start-up costs are clearly deterring Brits from making energy-efficient changes to their homes. Cornerstone’s research found that 1-in-2 millennials (49%) have looked into carrying out these upgrades but found them too expensive without government support compared to just 38% in the Gen Z age group.
Despite the barriers that exist, the research from Cornerstone Tax revealed a real appetite amongst millennial homeowners to commit to living an eco-friendly life, and they are predicted to drive a greener future for the UK property market.
David Hannah commented on millennials making energy-efficient home improvements saying, “It’s encouraging to see that 40% of millennials want to make energy-efficient property renovations in 2022. Adding to this, 21% of this generation are even prepared to move somewhere new if it enables them to live a greener life.
“However, many obstacles still remain for those looking to make their homes more environmentally friendly, and the government just needs to go a step further to ensure that these renovations are a viable option for everyone and not just those who can afford it.
“I found it particularly interesting that millennials have the strongest intentions in this area – making these upgrades has a positive effect on the environment and will also reduce their energy bills in the long run.”
Read more property news, guides and features here.