Electric car sales are rising exponentially in the UK, so more buyers and tenants than ever will be adding charging points to their list of must-haves for their next property.
The latest data from Next Green Car indicates that there were more than 395,000 pure-electric cars in the UK at the end of December 2021. Adding plug-in hybrids to the equation, this number rises to more than 740,000. This is a substantial leap compared to the previous year – and a trend that is only set to rise.
At the end of last year, Prime Minister Boris Johnson announced that, from this year, all new-builds will need to provide charging points for electric vehicles. Further to this, all properties that are significantly renovated will need to have electric car charging points.
The UK also plans to ban sales of new petrol and diesel cars for 2030. With this deadline in mind, many people in the market for a new vehicle in the coming years are likely to consider an electric car.
What about retrofitting existing homes?
As the new-build market makes up a very small proportion of overall UK property stock, adding electric car charging points to existing properties may also be considered in the future. The government has already allocated more than £830m towards converting UK vehicles to electric.
According to comments from Eleanor Bateman, policy officer at Propertymark, the UK also needs to invest in low-carbon public transport to boost its zero emissions drive.
She also says that a lack of charging spaces, as well as affordability, prevent some people from investing in electric vehicles. Having a private electric car charging point would be a much cheaper alternative to using public ones.
Tenants are asking for electric car chargers
As the number of electric vehicle owners ramps up, an obvious new trend to emerge among tenants will be wanting charging points in their rental homes. For property investors and landlords, adding one will increasingly add to a property’s desirability.
Bateman says this move has already started to happen in the industry among both homeowners and renters.
“Propertymark member agents are increasingly seeing buyers and renters citing electric vehicle charging points as a ‘must have’, therefore it is positive to see that the UK government is taking steps to address this. Putting cost-effective measures in place will remove what is a significant barrier to electric vehicle ownership.”
Even investing in a property that has electric car charging points nearby can be used as a selling point for potential tenants.
Boosting property value
One study by Rivervale Leasing estimates that a property with a charging point could be worth around £50,000 more. Access to a charger was also cited as the biggest barrier to people buying an electric vehicle, the research found.
There is currently a grant scheme available from the government for homeowners wanting to install a charging point. This can fund up to 75% towards installation. But the scheme is set to end on 31 March 2022, so those wanting to take advantage are urged to do so quickly.
However, the scheme will remain open for homeowners who live in flats and people in rental accommodation.