Purpose built residential property is becoming more prominent, but what could be the benefits of going green with these efforts.
Purpose-built accommodation, which takes into account the needs and wants of the residents, is becoming a far more prominent element in the property market across the UK, particularly when it comes to student lets and the private rental sector.
Another branch of the property market which is becoming stronger at the same time is that surrounding green building. Under the watchful eye of the UK Green Building Council, more developers up and down the nation have been becoming more switched on to the notion of eco-friendly construction and the benefits that it can have for developers, investors and tenants alike.
But could the two combine to provide investors with something truly exciting? Here, we take a look at a few of the benefits of bringing together a green design with the purpose-built sector.
Meet tenant demands
One of the most prominent benefits of eco-friendly new build homes in terms of investment is that these are properties that are likely to give the owner a much better chance of securing more scrutinising tenants in the modern world of rentals.
While in the past, tenants would not have been all that concerned with eco-friendliness of a property they are renting, it is becoming a more prominent desire in recent times. According to a survey carried out by PC World, as many as 80 per cent of tenants in the UK said they want their landlord to take an interest, at the very least, in how they could make properties more eco-friendly.
On top of this, around 32 per cent said they want to be able to track how the home they are living in is performing on an environmental level through the use of a smart meter. With more people clearly taking an interest in eco-friendliness in the rental sector, it stands to reason that property developers of new builds should make this a big part of the construction of new homes if they want to attract switched on young tenants.
Perhaps the most enticing benefit for both landlords and tenants alike, the potential for saving money through being more eco-friendly is always going to be a bonus when it comes to green construction.
Not only is the building process itself likely to produce a lowered carbon footprint than traditional methods of construction if green design is implemented from the start of the process – and without the costs one might expect to be associated with this – but when tenants and residents move into properties, they are also going to be offered the chance to live somewhere that gives them the ability to make savings on all of their utilities. Nationwide estimates that the average person can save as much as a third on their utility bills when living in an eco-friendly build.
Again, for investors, this makes green construction in the rental market a strong option, because if tenants are able to make savings on their electricity, gas, water and maintenance, then they are far more likely to come on board and rent a property.
Finally, there are also a number of social and health benefits that come with more environmentally-friendly properties that need to be considered when choosing where to invest. For example, there are positive impacts that can come from living in a building that promotes better air quality and a better supply of natural light.
Whether it’s a natural ventilation system built into the design of the property or simply the inclusion of larger and more numerous windows that allow the flow of fresh air and natural light respectively into the building, anyone who lives there is likely to have a better quality of life.
Numerous studies show that those who enjoy more natural light are more likely to be happy and less likely to suffer from depression and other mental health concerns, while natural ventilation which improves air quality can improve concentration and lower the risk of respiratory conditions causing problems.
Green building as a concept is still a relatively new one when it comes to the UK property market. But when we combine the need for more rental and student accommodation with the benefits that can come from this type of design, such as better health and significantly lower costs, it’s clear to see that there is a future in the promotion of a far more environmentally-friendly property market.