Climate change is a threat to house prices

The Daily Telegraph warns that the property market in some Devon towns will be affected by climate change:

“The A379 at Slapton Sands in Devon runs for miles along an elevated shingle bank with the English Channel on one side and a vast, tranquil freshwater lake on the other.

But the road is threatened by a combination of spring tides and easterly winds, which may mean the road will be swept away in the near future – and with it would go a lifeline for local residents and businesses.

“We’ll maintain the road for a while if there’s a relatively minor problem but if the breach is large, we’ll leave it. We must accept sea levels are rising and it won’t be viable to preserve the coast long term,” warns Simon Dunford of Natural England.”

Woking doesn’t face the same issue with coastal erosion of course, but climate change could very well be affecting house prices here.  Increasingly house buyers (and renters) will be looking for energy efficient homes that are cheap and easy to keep warm, and which can offset some or all of their carbon emissions by generating their own heat and power. That EPC (energy performance certificate) you now have to get before you can sell your house may in future make as much difference as redecoration or a fancy pair of gates for the driveway.

The Energy Saving Trust has put together a great overview called the Hidden Value Guide showing what energy efficiency could mean for the value of your house. They found that half of UK homeowners believe that homes with greener features are easier to sell in the current market. Over half (53 per cent) of all householders say they would be willing to pay extra for them. Indeed, on average, householders are willing to pay £3,350 more for a ‘green’ home.