ONE OF Scotland’s largest independent housing developers has seen a 30 per cent increase of enquiries from buyers requesting more information on energy efficiency over the last two months.
Since former Chancellor Kwasi Kwarteng’s ‘mini budget’, and the advent of the cost-of-living crisis, Dundas has received a spate of enquiries about the Energy Performance Certificate [EPC] rating of its homes and the prospect of buyers attaining green mortgages, which are usually synonymous with newer build homes.
Green mortgages are bestowed upon properties which have an EPC rating of A or B by lenders, and are currently lower than standard mortgage rates, with an expectation that this difference will continue to grow wider in the coming years.
Head of Sales and Marketing at Dundas, Craig Fairfoull, said: “It is natural that as winter draws in, we begin to receive more and more enquiries about our homes’ energy efficiency.
“However, in light of the cost-of-living crisis, we are finding buyers are becoming more engaged, and more savvy about the types mortgages they can get on their homes.
“As a new build developer, energy efficiency is an essential artefact for our houses and it has become more pertinent than ever before.”
Dundas’ active property developments; Uphall Station Village in West Lothian, Gilbertfield Woods in South Lanarkshire and The Wireworks development in Musselburgh, East Lothian all have an EPC rating of B, and are therefore eligible for green mortgages.
Craig is also urging buyers to consider purchasing new properties instead of older homes in a bid to save more money on energy expenditure. Craig added: “Buyers have a choice; they may decide to purchase an older property, which will spur a large heating bill on top of any unexpected repair bills, and an interest rate hike incurring on their mortgage. Or they can buy new and have a two-year warranty, up-to-date fittings and furnishings and a home that has a higher likelihood of being energy efficient.
“A recent study found that new-builds are in fact cheaper to run, with more than 80 per cent of new-builds having EPC rating of B and above, in contrast to just three per cent for older homes1.
“It’s a consideration that is well worth pondering over. At Dundas, we are seeing an increase in buyers looking at new-builds because of their energy efficiency capabilities, with many stating that the current economic climate being the main reason for the switch.”
Dundas has a mission to create homes that make people feel great. Headquartered in Livingston and proudly Scottish, it has a track record of building well-designed homes that are higher spec than a vast majority of competitor properties.
The independently-owned developer is focused on building welcoming, integrated communities and making the journey of buying a home more straightforward, inspiring and fun.