Homeowners favour kitchens and bathrooms over eco upgrades
The study of 2,000 property owners found more than half are prioritising cosmetic makeovers because they believe it adds more value and offers instant gratification.
Many would rather splash out on a new kitchen (48 per cent) or bathroom suite (39 per cent) than invest in insulation (19 per cent) or energy-efficient heating systems (31 per cent).
And 43 per cent admit they opt for these flashy upgrades simply because they want something new to enjoy – with 16 per cent confessing they just love the thrill of a fresh home feature.
(Image: Skipton Building Society)
While 53 per cent said energy-efficient improvements just don't give them the same buzz as a swanky new renovation.
The research, commissioned by Skipton Building Society, part of the Skipton Group, coincides with the release of The Big Retrofit report, which follows the energy efficiency transformation of a previously fossil-fuel reliant home.
The report, developed with Leeds Beckett University and the University of Leeds, reveals how the retrofit of a typical 1930s detached home – featuring triple glazing, solar panels and an air source heat pump – cut carbon emissions, improved comfort, and boosted the home's EPC rating from D to B.
Phil Spencer, TV star, property expert and Move iQ founder, said: 'It's easy to get caught up in choosing statement tiles or bold paint colours, but the most valuable home improvements aren't always the most Instagrammable.
'Green upgrades not only save money in the long run, but they can also boost comfort, value and sustainability, all without spoiling the look of your home.'
But it seems a new kind of 'keeping up with the Joneses' is sweeping through Britain's streets and cul-de-sacs – and this time, it's all about going green.
More than a quarter (28 per cent) now say they know a neighbour who's made big low carbon technology or energy efficiency related changes to their home – and 53 per cent of these have been inspired to follow suit.
As a result, 48 per cent have looked into getting solar panels, 24 per cent have explored upgrading their loft insulation – and 15 per cent would consider installing triple glazed windows.
For 38 per cent, it was hearing their neighbours had managed to cut their energy bills that got them interested.
Another 36 per cent said seeing what was actually possible gave them a lightbulb moment, while 30 per cent felt more confident after seeing the results up close.
Almost half (47 per cent) of all homeowners now reckon making eco improvements has become a modern-day status symbol, according to the research conducted by OnePoll.
Charging an electric car on the drive is seen as one of the leading signs you've 'made it' (32 per cent) – followed by underfloor heating powered by renewables (28 per cent) and having a heat pump (25 per cent).
Michaela Wright, head of group sustainability at Skipton Building Society added: 'This research suggests we may be seeing a shift from 'keeping up with the Joneses' to 'greening up with the Jones'.
'As more people see their neighbours investing in greener technologies, it naturally sparks curiosity and motivation to do the same.
'There's something powerful about seeing these changes up close – it makes the benefits feel more real and achievable.
'The idea of a modern status symbol is evolving, and now things like solar panels, heat pumps and electric cars are part of that.
'It's a positive sign that more energy efficient choices are becoming aspirational, not just practical.
'We understand that making energy-efficient home improvements might not be at the top of everyone's priority list.
'That's why we took on the journey ourselves – to help demystify the retrofit process through The Big Retrofit project.
'We've documented our experience and created a series of resources, to support others who are considering making similar improvements.'
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Leader Live
2 days ago
- Leader Live
Homeowners favour kitchens and bathrooms over eco upgrades
The study of 2,000 property owners found more than half are prioritising cosmetic makeovers because they believe it adds more value and offers instant gratification. Many would rather splash out on a new kitchen (48 per cent) or bathroom suite (39 per cent) than invest in insulation (19 per cent) or energy-efficient heating systems (31 per cent). And 43 per cent admit they opt for these flashy upgrades simply because they want something new to enjoy – with 16 per cent confessing they just love the thrill of a fresh home feature. (Image: Skipton Building Society) While 53 per cent said energy-efficient improvements just don't give them the same buzz as a swanky new renovation. The research, commissioned by Skipton Building Society, part of the Skipton Group, coincides with the release of The Big Retrofit report, which follows the energy efficiency transformation of a previously fossil-fuel reliant home. The report, developed with Leeds Beckett University and the University of Leeds, reveals how the retrofit of a typical 1930s detached home – featuring triple glazing, solar panels and an air source heat pump – cut carbon emissions, improved comfort, and boosted the home's EPC rating from D to B. Phil Spencer, TV star, property expert and Move iQ founder, said: 'It's easy to get caught up in choosing statement tiles or bold paint colours, but the most valuable home improvements aren't always the most Instagrammable. 'Green upgrades not only save money in the long run, but they can also boost comfort, value and sustainability, all without spoiling the look of your home.' But it seems a new kind of 'keeping up with the Joneses' is sweeping through Britain's streets and cul-de-sacs – and this time, it's all about going green. More than a quarter (28 per cent) now say they know a neighbour who's made big low carbon technology or energy efficiency related changes to their home – and 53 per cent of these have been inspired to follow suit. As a result, 48 per cent have looked into getting solar panels, 24 per cent have explored upgrading their loft insulation – and 15 per cent would consider installing triple glazed windows. For 38 per cent, it was hearing their neighbours had managed to cut their energy bills that got them interested. Another 36 per cent said seeing what was actually possible gave them a lightbulb moment, while 30 per cent felt more confident after seeing the results up close. Almost half (47 per cent) of all homeowners now reckon making eco improvements has become a modern-day status symbol, according to the research conducted by OnePoll. Charging an electric car on the drive is seen as one of the leading signs you've 'made it' (32 per cent) – followed by underfloor heating powered by renewables (28 per cent) and having a heat pump (25 per cent). Michaela Wright, head of group sustainability at Skipton Building Society added: 'This research suggests we may be seeing a shift from 'keeping up with the Joneses' to 'greening up with the Jones'. 'As more people see their neighbours investing in greener technologies, it naturally sparks curiosity and motivation to do the same. 'There's something powerful about seeing these changes up close – it makes the benefits feel more real and achievable. 'The idea of a modern status symbol is evolving, and now things like solar panels, heat pumps and electric cars are part of that. 'It's a positive sign that more energy efficient choices are becoming aspirational, not just practical. 'We understand that making energy-efficient home improvements might not be at the top of everyone's priority list. 'That's why we took on the journey ourselves – to help demystify the retrofit process through The Big Retrofit project. 'We've documented our experience and created a series of resources, to support others who are considering making similar improvements.'
Glasgow Times
2 days ago
- Glasgow Times
Homeowners favour kitchens and bathrooms over eco upgrades
The study of 2,000 property owners found more than half are prioritising cosmetic makeovers because they believe it adds more value and offers instant gratification. Many would rather splash out on a new kitchen (48 per cent) or bathroom suite (39 per cent) than invest in insulation (19 per cent) or energy-efficient heating systems (31 per cent). And 43 per cent admit they opt for these flashy upgrades simply because they want something new to enjoy – with 16 per cent confessing they just love the thrill of a fresh home feature. (Image: Skipton Building Society) While 53 per cent said energy-efficient improvements just don't give them the same buzz as a swanky new renovation. The research, commissioned by Skipton Building Society, part of the Skipton Group, coincides with the release of The Big Retrofit report, which follows the energy efficiency transformation of a previously fossil-fuel reliant home. The report, developed with Leeds Beckett University and the University of Leeds, reveals how the retrofit of a typical 1930s detached home – featuring triple glazing, solar panels and an air source heat pump – cut carbon emissions, improved comfort, and boosted the home's EPC rating from D to B. Phil Spencer, TV star, property expert and Move iQ founder, said: 'It's easy to get caught up in choosing statement tiles or bold paint colours, but the most valuable home improvements aren't always the most Instagrammable. 'Green upgrades not only save money in the long run, but they can also boost comfort, value and sustainability, all without spoiling the look of your home.' But it seems a new kind of 'keeping up with the Joneses' is sweeping through Britain's streets and cul-de-sacs – and this time, it's all about going green. More than a quarter (28 per cent) now say they know a neighbour who's made big low carbon technology or energy efficiency related changes to their home – and 53 per cent of these have been inspired to follow suit. As a result, 48 per cent have looked into getting solar panels, 24 per cent have explored upgrading their loft insulation – and 15 per cent would consider installing triple glazed windows. For 38 per cent, it was hearing their neighbours had managed to cut their energy bills that got them interested. Another 36 per cent said seeing what was actually possible gave them a lightbulb moment, while 30 per cent felt more confident after seeing the results up close. Almost half (47 per cent) of all homeowners now reckon making eco improvements has become a modern-day status symbol, according to the research conducted by OnePoll. Charging an electric car on the drive is seen as one of the leading signs you've 'made it' (32 per cent) – followed by underfloor heating powered by renewables (28 per cent) and having a heat pump (25 per cent). Michaela Wright, head of group sustainability at Skipton Building Society added: 'This research suggests we may be seeing a shift from 'keeping up with the Joneses' to 'greening up with the Jones'. 'As more people see their neighbours investing in greener technologies, it naturally sparks curiosity and motivation to do the same. 'There's something powerful about seeing these changes up close – it makes the benefits feel more real and achievable. 'The idea of a modern status symbol is evolving, and now things like solar panels, heat pumps and electric cars are part of that. 'It's a positive sign that more energy efficient choices are becoming aspirational, not just practical. 'We understand that making energy-efficient home improvements might not be at the top of everyone's priority list. 'That's why we took on the journey ourselves – to help demystify the retrofit process through The Big Retrofit project. 'We've documented our experience and created a series of resources, to support others who are considering making similar improvements.'
Telegraph
3 days ago
- Telegraph
The siblings forced to club together to get on the property ladder
When Sophie Leeming started viewing properties last summer in a bid to move out of her parents' home, she didn't expect her younger sister Georgia to come with her. While it may not be the vision of homeownership they'd first imagined, the sisters soon realised they could get a lot more property for their money if they teamed up to buy their first home. 'I had a budget of £200,000 and had been looking at two-bed terraced houses with no garden,' says Leeming, 28, who works in marketing. 'When Georgia decided to join in, we could up the budget to £300,000.' The sisters had saved a combined £25,000 into Lifetime Isas – accounts that are geared up specially for first-time buyers, paying a 25pc government bonus on up to £4,000 savings each year. This, coupled with £40,000 given to them by their parents, meant they had a total deposit of £65,000. 'Having that level of deposit meant we could get a bigger house, in a nicer area than I would ever have been able to afford by myself,' says Leeming. They moved into their three-bedroom semi-detached house in Clitheroe, Lancashire, in February, along with their dogs Milo and Lola. The siblings took out a two-year fixed-rate mortgage with Skipton Building Society, and monthly repayments on their £285,000 home are £880 between them. To keep costs fair, they pay an equal amount into a joint bank account each month to cover the mortgage, bills and food shop. 'It was important to us that it was affordable, as we still wanted to be able to go on holidays and live our lives,' says Leeming. While this kind of setup might spark a lot of sibling bickering for some, the sisters have successfully avoided one potential argument: Georgia, 25, who runs a beauty business, volunteered to have the smaller bedroom as a thank you to her sister for arranging the mortgage. Unlike buying alone or with a spouse or partner, this kind of living arrangement is likely to have a far shorter shelf life. The sisters are aware of this and have a plan to live together for two or three years before converting the property into a rental and buying their own homes. 'We're really enjoying it so far – I think it could be quite lonely living alone,' says Leeming. 'But it is a big investment, so you need to trust the person you're buying with.' Solo first homes are increasingly out of reach The Leeming sisters are part of an upward trend of first-time buyers looking at alternative ways to get on the property ladder as house prices remain out of reach for the masses – and buddying up with a sibling is one way to do it. The average UK house price reached £270,752 in April, according to Nationwide Building Society, up 3.4pc from a year ago. The average first-time buyer paid £226,900, a sum that is unachievable for the majority of young people to afford on their own. Despite average rents also continuing to rise, aspiring buyers have proven determined to get their foot on the ladder. First-time buyers accounted for one third of homes sold across Great Britain so far this year, according to the estate agency Hamptons, with 57pc of purchases in London. Falling mortgage rates have at least made borrowing a bit easier. The average two-year fixed rate for someone with a 10pc deposit is 4.97pc, down from 5.47pc a year ago, according to Hamptons. It's a helpful reduction, but could easily render repayments unaffordable for a single homeowner unless you have a large deposit. 'The reason why siblings increasingly buy together is affordability. It is a simple fact that you are more likely to get on the ladder if you have two incomes, rather than just one,' says David Hollingworth from brokerage L&C Mortgages. Buying with a sibling may also be easier than teaming up with a friend – after all, you have presumably already lived together with your parents, so you'll know each other's quirks and bad habits. But if you're considering this move, it is important to go in with your eyes open. Set the ground rules 'It can be harder to step into 'adult mode' when you are [living] with a sibling. You can pre-empt some problems – like, what are the rules on having people stay over? And what if I want a quiet night in and you want friends round?' says Simonne Gnessen, founder of financial planner Wise Monkey Financial Coaching. However, she admits that you can't go through every scenario in this way. Therefore, she suggests drawing up an agreement to set some basic rules for when conflict arises. For example, agreeing to take some time out before discussing the problem, or perhaps bringing along a neutral person to mediate. It is also crucial to discuss the future: consider how long you plan to stay in the property; whether you will sell up or convert it into a rental; what happens if one person wants to buy the other out, or to move a partner in? 'Don't forget to talk about the day-to-day issues as well,' Gnessen adds. 'Do you share food or buy your own? What happens if work needs to be done at the property? Will you use apps to split bills so that no one has to ask for money? There is no 'right way' to do things.' Then there's the legalities of buying together. Regardless of how you split the bill, you are jointly responsible for the mortgage – that means if one person misses a payment, the lender can still come to you both. 'If you fall behind, that will be registered against your credit file,' warns Hollingworth. To prevent this, he suggests setting up a joint account from which to pay bills – just like the Leeming sisters have done. 'That way you can see that each person is paying in what they should be – and not taking out anything they shouldn't,' he says. When a couple buys a home together, they typically do so as joint tenants, which means you own the property equally, and if one person dies, their share automatically passes to the other. But this may not be appropriate for friends or siblings, particularly if one person has contributed a larger share of the deposit. The alternative is to be tenants in common, where you can specify the proportion of the property you own, and decide what happens with your share if you die. Be sure to discuss this with your conveyancer, as you'll likely need a legally binding 'declaration of trust', which will need to be set up properly when you buy. 'The more you can have these conversations in advance, the less emotionally charged things might be in the future,' says Gnessen. 'Communication is probably the biggest thing between success and not being able to sit around the Christmas dinner table together.' 'Mum is quite sad that we're leaving' Henry Graves moved into his first home with his brother Ben last month. Aged just 20 and 19, respectively, working as a fabrication engineer apprentice and floating store manager at kitchenware company ProCook, it took less than a year for the siblings to save for their deposit. They set aside a combined £1,400 every month into a savings account with HSBC, paying interest of 6pc. 'We're like twins,' says Graves. 'When we were 16 and 17, we saved for our first cars together. Then we upgraded our cars. Then we thought, 'what's the next thing to save for? A house'.' The brothers put down a 5pc deposit of £7,500 on their £148,000 three-bedroom semi-detached house in Spalding, Lincolnshire. They took a two-year fixed rate mortgage at 5.68pc with NatWest, with repayments of about £750 a month. They have also arranged life insurance cover for about £7 a month, which will pay out a lump sum to clear the mortgage if one of them were to die. 'It's a step in the right direction. Our parents like that we are buying a property rather than renting – although Mum is quite sad that we're leaving,' says Graves. They have a fair bit of work to do on their new home – including fitting a new boiler, replacing the gas fireplace and rewiring. Such DIY tasks could spark a rift with even the closest of siblings, but they're not worried. 'We have talked about things like what if we disagree on the decorating, but we both want to keep things simple,' says Graves. 'Sofa shopping was important – we spent a couple of weeks on that.' Despite reaching their goal of getting on the property ladder, the brothers intend to continue their saving habit. They'd like to invest in another property in the future, either to use as a buy-to-let or to give them the option to live apart – if they've had enough of living together by then.
