Electric car sales are growing exponentially in the UK, leading more buyers and renters than ever to add charging points to their must-have lists for their next property.
The latest data from Next Green Car shows that there were more than 395,000 pure electric cars in the UK at the end of December 2021. If you add plug-in hybrids, that number jumps to more than 740,000. This is a clear leap compared to the previous year – and the trend is rising.
Prime Minister Boris Johnson announced at the end of last year that from this year all new buildings will have to provide charging points for electric vehicles. In addition, all properties undergoing major renovations must have electric car charging stations.
The UK also plans to ban the sale of new petrol and diesel cars by 2030. With that deadline in mind, many people in the new vehicle market are likely to be considering an electric car for years to come.
What about retrofitting existing homes?
With the new build market representing a very small proportion of the total UK housing stock, adding electric car charging points to existing properties could also be considered in the future. The government has already committed more than £830m to convert UK vehicles to electric vehicles.
According to the comments of Eleanor Bateman, Policy Officer at Propertymark, the UK also needs to invest in low-carbon public transport to further its zero-emissions movement.
She also says a lack of charging spots, as well as affordability, is keeping some people from investing in electric vehicles. A private charging station for electric cars would be a much cheaper alternative to using public ones.
Tenants are asking for electric car chargers
As the number of electric vehicle owners increases, there will be an obvious new trend among renters to have charging stations in their rental apartments. For real estate investors and landlords, adding a property will progressively increase a property’s appeal.
Bateman says this move has already started in the industry among both homeowners and renters.
“Representatives from Propertymark members are seeing an increasing number of buyers and renters describing electric vehicle charging as a ‘must have’ so it’s positive to see the UK Government taking steps to address this. Introducing cost-effective measures will remove a significant barrier to EV ownership.”
Even investing in a property with electric car charging stations nearby can be used as a selling point for potential tenants.
increase real estate value
A study by Rivervale Leasing estimates that a property with a charging station could be worth around £50,000 more. Access to a charger was also cited as the top barrier to purchasing an electric vehicle, according to the study.
There is currently a government grant program for homeowners who wish to install a charging station. This can fund up to 75% for the installation. However, the program is scheduled to end on March 31, 2022, so those who wish to benefit are urged to do so quickly.
However, the program remains open to homeowners who live in apartments and people in rented apartments.
