How Are Electric Cars Changing House Prices

The price of your home is dependant on a number of factors, from locations, locality to amenities, but more recently we are seeing a demand for properties with a home charging kit.

Why are electric cars having such an impact?

The Government is paving the way to become carbon neutral for 2050, with the phase out of petrol and diesel vehicles being one of the driving forces in this. We have also in recent years seen an increase in Ultra Low Emission Vehicles or ULEV’s. In 2020 alone we saw 175,000 Electric Vehicles (EV) registered which made it a record year. With this shift towards lower emission, hybrid and electric cars house modifications are also on the rise.

What modifications are required? 

With the rise of electric vehicles, nationwide, the most common modification is to have an electric vehicle charger. The EV charger is typically installed with properties that off road parking.

So why is this affecting house prices?

With the Governments’ push towards a greener vehicle use house prices could set to rise if your home can accommodate these changes. For example we are seeing homes are more ‘saleable’ with inclusion of electrical points for hybrid and electric cars. As we move closer to this goal of becoming carbon neutral the demand for homes with these modifications are going to increase and with that so are prices. 

Is this something you would do to your home?