Research conducted by BLP Insurance suggests that 79 per cent of UK adults want to know more than simply property particulars at the point of sale. More than three-quarters (79 per cent) of UK adults think additional information beyond the property particulars currently provided by estate agents would be helpful when it comes to purchasing a property. According to the 2015 Homeowner Survey conducted by BLP Insurance in conjunction with the Home Owners Alliance Prospective buyers would also like to be able to measure the affordability of running their new home in advance of making an offer on a property.
Almost three-quarters (72 per cent) said they would be interested in knowing what the estimated annual cost of their energy bills would be and more than half (56 per cent) would be interested in receiving the estimated annual cost of maintaining the property.
Second on the research findings wish list for UK adults was having access to information to help them decide whether the property will meet their lifestyle needs. Knowing the amount of outside space, including garden and off-street parking, was important for 69 per cent of those asked, and the amount of storage space would be of interest to more than half (56 per cent).
Head of Sales at BLP Insurance, Wayne Tonge, explained:
“Property is without a doubt the biggest investment most people will ever make and with house prices in the UK on the rise, consumers are becoming savvier about how much it is going to cost to maintain and run their new home. It is important that aspiring homeowners are armed with this information so that they can make the right decision when looking for their dream home.
“Perhaps more significantly is the long-term industry merit of driving standards higher by providing this information at the point of sale. With activity in the construction industry on the up as local authorities and developers attempt to meet the housing shortfall, there is a real risk that building standards will slip. Accurately labelling the property in terms of its output will not only provide consumers with a better route to quality, but will also encourage developers to boost the sustainability of the new-build housing market.”
Supporting Wayne’s comments Managing Partner at HTA Design LLP, Ben Derbyshire said:
“The time has arrived for Home Performance Labelling. The question is no longer whether it is worth going to the trouble of informing consumers of the performance they can expect from their homes. The revolution of consumer information available in just about every other walk of life means the clamour can no longer be ignored. The question now is how best to introduce it to the market place.”
One initiative taking significant strides towards bridging this gap is the Housing Forum’s Home Performance Labelling Scheme, a joint venture between BLP Insurance, HTA Design LLP and others.
The comparison website compares different aspects of new and existing homes against benchmark performance, ranking each property according to a set of measures, including broadband speed, storage space, estimated energy costs and estimated annual maintenance costs.