New homes cut energy costs by over £400 per year
The latest research by Unlatch the platform for developers to digitise and accelerate their new-homes sales process, has revealed just how much cheaper energy bills are for new-build homeowners, as they stand to save as much as £800 a year when energy bills jump by 54%.
Unlatch analysed data on the average annual energy bill for both new-build and existing homes and what this cost will look like once it increases by 54%.
The figures show that currently across England and Wales, the average existing household pays £825 per year in energy costs. However, the average new-build home pays just £401, making it 51% more affordable where energy costs are concerned.
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A 54% increase in this cost would bring a considerable increase for both types of property.
However, while the average annual energy bill for an existing home is due to increase by £633 per year to £1,457, the average new-build homeowner is set to see a £312 increase totalling £713 per year.
Even with this increase, the annual energy cost of a new-build home would still come in lower than the price currently paid by an existing homeowner without the 54% increase.
So where do new-builds offer the biggest energy cost saving?
In Wales, new-build homes are £440 per year cheaper when it comes to energy costs although this saving will climb to £804 after energy bills increase by 54%.
The West Midlands is also home to a considerable saving, with the annual energy bill of a new-build coming in £439 below the average existing home, while in the East Midlands this saving totals £425 per year. Again, once energy costs increase, this saving will climb to £803 and £777 respectively.
The annual energy cost of a new-build in the South West (£420), North West (£404) and Yorkshire and the Humber (£400) also comes £400 or more below that of an existing property, with new-build homeowners in these regions due to be £730 or more better of per year after costs increase.
Lee Martin, Head of UK for Unlatch says:
“New-build homes attract a handsome property price premium in today’s market but there’s good reason for this and the ongoing benefits of buying a new home are well worth the higher upfront cost.
The energy efficiency of a new-build is just one of these benefits and as our research shows, the annual energy costs associated with new homes are substantially lower than existing properties.
That’s not to say that new-build homeowners won’t be equally as worried about the impending increase in the cost of running their home, but, at the very least, this increase should be more manageable on a pounds and pence basis.”
Energy saving by build sourced from the Office for National Statistics: Energy efficiency of housing
House price data sourced from the Gov.uk UK House Price Index
Estimated energy price changes sourced from Gov.uk, ONS and OfGem
For further info: https://www.getunlatch.com/en/