Lack of chargepoint could spark house price fall

24 October 2019

With the number of electric vehicles on the road set to soar, homeowners are concerned the lack of a charging point could see the value of their property fall, according to research issued today (24 October) by Co-op Insurance.

The research shows that currently only a tenth (11 per cent) of households have a facility to charge a car but with a third (31 per cent) of motorists expecting to swap to some kind of electric vehicle with in the next five years a chargepoint is set to become the latest must have for house buyers.

Indeed, the study by Co-op Insurance, which has a growing number of policyholders with electric vehicles, shows that four out of 10 (39 per cent) think properties without a facility to charge an electric car will be definitely (10 per cent) or probably (29 per cent) less valuable in the future.

Nick Ansley, Head of Motor Insurance at Co-op said:

“We can see that more and more of our policyholders are opting for an electric vehicle and so going forward a chargepoint will be a necessity that house buyers will be looking for when looking to buy a new home.

“Installing a chargepoint at a property with a garage or a drive is fairly straightforward but it is not so easy for people living in an apartment or a terrace.”

A government grant of £500 towards the cost of purchasing and installing a home charging point for most electric vehicles and plug-in hybrid cars is provided for homes with a garage or a drive by the Office for Low Emission Vehicles (OLEV).

In July the Government issued a consultation paper with the view to changing building regulations so developers would be responsible for every new residential building with an associated car parking space having a chargepoint.

ENDS

For more information contact:

Dave Smith, PR Manager
dave.smith@coop.co.uk