First time buyers 'need fuel efficient homes'

20-Feb-2006

New research has claimed that the high cost of fuel prices is putting many people off getting onto the first rung of the property ladder.

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According to a study carried out by Yorkshire Bank, there is currently great concern from aspiring first time buyers that when they are in a financial position to purchase their own home, the increasing cost of gas and electricity will erode any money they have left over from a purchase.

While many aspiring homeowners would be willing to pay for a fuel-efficient home, many of these are often new and more expensive, while more affordable property does not have the same insulation and energy efficient features built in.

Therefore, properties that are affordable for first time buyers can often be avoided by aspiring homeowners because they are unwilling to pay the substantial costs of either transforming the property into a fuel-efficient home or shelling out the money on heating the property.

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According to This is Money, the average fuel bill in the UK is soon to break through the £1,000 barrier for the first time, meaning that many aspiring homeowners need fuel-efficient properties if they are to be able to afford getting onto the first rung of the property ladder.

Therefore, there are growing calls for the development of more affordable housing that is built not only cheaply but also built with fuel-efficiency in mind.

The government could also help to stimulate more activity from aspiring first time buyers by directing its new shared ownership scheme at properties that are fuel-efficient.

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