As energy costs continue to rise, tenants are feeling the pinch more than ever.
According to a survey by NatWest and S&P Global, 44% of renters are now less confident about meeting their energy bills compared to previous years. This growing concern is likely fuelled by fears of landlords hiking rental prices.
The Greener Homes Attitudes Tracker, developed by these finance companies, measures sentiment around energy efficiency in properties. The survey revealed that more than half of renters earning less than £15,000 annually are particularly worried about affording heating and other energy expenses.
While average energy bills are expected to drop by 7% this month, a 10% increase is forecasted for October 1st, which could make the upcoming winter particularly challenging. On a brighter note, Labour has pledged to cut energy bills by £300 per household by 2030 through investments in renewable energy.
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The survey also highlighted a disparity in energy-saving attitudes between homeowners and renters. About 39% of homeowners find it "very important" to save energy, compared to 34% of renters. Younger homeowners are especially keen on energy efficiency, with 44% of those aged 18 to 44 considering it "very important," versus 34% of those aged 45 to 64.
Lloyd Cochrane, head of mortgages at NatWest, noted, “From our own research, we know that making greener changes is an important part of home ownership, particularly for the younger generation. We’ve seen a real shift in people being environmentally conscious – whether that’s looking to save on energy bills or taking public transport to reduce their carbon footprint.”
As energy costs remain a hot topic, it's clear that both renters and homeowners are increasingly prioritising energy efficiency.
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