Electric car sales are growing exponentially in the UK, so more buyers and renters than ever will be adding charging stations to their must-have list for their next property.
The latest data from Next Green Car indicates there were over 395,000 purely electric cars in the UK at the end of December 2021. Adding plug-in hybrids to the equation, that number jumps to over 740,000. is a substantial leap from the previous year – and a trend that will only get worse.
Late last year, Prime Minister Boris Johnson announced that from this year all new construction will have to provide charging stations for electric vehicles. In addition, all properties that are significantly renovated will be required to have electric car charging stations.
The UK also plans to ban sales of new petrol and diesel cars by 2030. With that deadline in mind, many people in the market for a new vehicle in the coming years will likely be considering an electric car. .
What about renovating existing homes?
As the new build market only represents a very small proportion of the UK’s overall building stock, the addition of electric car charging stations to existing properties could also be considered in the future. The government has already allocated more than £830m to converting UK vehicles to electric vehicles.
Eleanor Bateman, head of policy at Propertymark, commented that the UK also needs to invest in low-carbon public transport to boost its zero-emissions campaign.
She also says that the lack of charging spaces, as well as affordability, prevent some people from investing in electric vehicles. Having a private charging station for electric cars would be a much cheaper alternative to using public stations.
Tenants request electric car chargers
As the number of electric vehicle owners grows, an obvious new trend will emerge among renters who will want charging stations in their rental homes. For real estate investors and owners, adding one will increasingly add to the desirability of a property.
Bateman says that move has already started happening in the industry, with both landlords and tenants.
“Propertymark member agents are seeing more and more buyers and tenants citing electric vehicle charging stations as a ‘must have’, so it’s positive to see the UK government taking action to address this issue. 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 stations nearby can be used as a selling point for potential tenants.
Increase property 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 biggest barrier to buying an electric vehicle, according to the research.
There is currently a government subsidy program for homeowners wishing to install a charging station. This can finance up to 75% towards the installation. But the program is due to end on March 31, 2022, so those who wish to take advantage of it are urged to do so quickly.
However, the system will remain open to owners who live in apartments and to people renting.