It would certainly seem that the popularity of electric cars is going up. A knock-on effect of this trend is the need for properties that already have or could facilitate home car charging points and we’re noticing this in conversations with buyers. Houses with off-street parking that can make car charging easy are now commanding higher prices than the alternative.
There are several reasons people are more willing to consider and ultimately purchase electric cars. A big reason is a growing concern for the environment and how we can play our part in reducing emissions, but that’s not the whole story:
Charging an electric car at home can be an efficient, convenient way to ‘refuel’. Imagine plugging in your car overnight confident that it will be fully charged and ready to go in the morning: no more panicked dashes to the petrol station making you late when you suddenly realise you’re out of fuel!
But what is the cost of charging an electric car at home? EDF energy have got some interesting information on this. Of course, the exact figures will depend on many variables including your energy tariff but, as a guide, they suggest the following:
It’s easy to see how the savings can really add up and consumers also have the option to choose their energy tariff to suit their usage and preferences e.g. off-peak rates and renewable energy suppliers. You don’t get that kind of choice at the petrol pump.
The government are certainly pushing the use of electric cars and, in June 2022, introduced new legislation meaning certain properties have to provide electric car charging points. In summary:
Access to electric car charging points is a huge consideration for people who own electric cars. While there are lots of public points, there’s no guarantee that there will be one available where and when you need it, so the ability to charge at home is essential.
Home charging is also extremely convenient, allowing car owners to plug in overnight and not worry about finding a public charging point.
While you can actually charge an electric car using a regular domestic three pin socket, most people would opt for a dedicated home charger which is faster.
The RAC suggests it costs around £800 to install a home car charging point, with grants available to reduce this cost by up to 75%.[ii] This is a price many are willing to pay, especially if it can be reduced with a grant.
Knowing the price of installing electric car charging points is fine but you need to live somewhere that facilitates their installation! Private driveways are topping electric car owners’ ‘must have’ lists as they property hunt, as they give peace of mind that they’ll always be able to park within reach of their charging cable.
Driveways are such a huge draw to electric car owners/property hunters that they can add 4.7% to the price of a property in suburban London. Inexpensive, central postcodes this rises to 33%, which is even more than a large garden![iii]
The rental value of properties that can offer home car charging has also gone up so, if you’re thinking of buying a rental property, this is well worth considering, too.
It’s a real sign of the times that electric cars are affecting the property market in this way. If you’re property hunting, whether you own an electric car or not, it’s likely you’ll notice the impact on asking prices for particular properties.
We love talking about all things property and find this shift in the market fascinating. If you’re looking for a car charging-friendly home we’d be delighted to help. Please get in touch with our team today.
[i] https://www.edfenergy.com/electric-cars/costs
[ii] https://www.rac.co.uk/drive/electric-cars/charging/electric-car-charging-how-it-works-and-how-much-it-costs/
[iii] https://www.savills.co.uk/blog/article/329905/residential-property/how-is-the-rise-in-electric-car-ownership-impacting-the-premium-home-buyers-pay-for-parking-.aspx
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