Energy concerns weigh on prospective homebuyers, MyHome.ie finds

Six in 10 prospective homebuyers plan to power their home with renewable energy because of high energy costs, a survey by property website MyHome.ie has found.

Some three-quarters are more inclined to consider a property’s Building Energy Rating (Ber) in light of concerns about sustainability and the rise in electricity and gas prices over the past 18 months.

Searches by energy rating on MyHome.ie have climbed by more than 35 per cent in the first two months of the year compared with the last two months of 2022.

While energy concerns are “of paramount importance” to homebuyers, a string of European Central Bank interest rate increases is also weighing on buyers’ minds, with 56 per cent reporting worries that the hikes will affect their ability to buy.

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Some 55 per cent of prospective homebuyers and 64 per cent of renters say the rise in the cost of living has affected or delayed their plan to purchase a home.

MyHome.ie, which is owned by The Irish Times, conducted the survey of 2,509 people in late February.

It found that hurdles related to the higher cost of living were having a “significant effect” on property market sentiment, including the ability of people to live where they would like.

Some 63 per cent of homebuyers and 70 per cent of renters have had to look beyond their first location choice because of price concerns.

While 24 per cent of prospective homebuyers indicated last August that 2023 would be a good time to buy property, just 13 per cent of respondents to the February survey said the same thing.

“We know that sentiment in the property market tends to mirror that of the overall economy, so it is perhaps not too surprising to see cost of living-related energy concerns dominate in this survey,” said MyHome.ie managing director Joanne Geary.

“There is still significant pent-up demand among prospective homebuyers but they are looking for different ways to ease the financial burden. The good news is that the focus on renewable energy as part of the property search process is a fantastic long-term trend for both the market and the environment as a whole.”

Some 86 per cent of respondents said they believed the Government should be doing more to help people buy property.