Do Homes with EV Chargers sell for more?
We analysed over 1,000 house prices across 50 areas in the UK. The findings? Homes with an electric charge point installed could sell for 13% more than the local average. With the average UK house price now at £194,000 (according to the ONS) that could mean a value increase of £25,220 for your property.
From the 1,000 homes analysed, 76% of UK homes with an EV charger showed an increase in value when compared to the local average. For the 38 out of 50 areas that saw a positive link between value and home charge points, there was an average increase of £50,595.
The areas around the UK that saw a positive link between house prices and EV charger installation were largely in England. Swindon takes the top spot, seeing a huge 84% increase to £455,000 compared to the local average house price of £247,441.
Other areas that saw a notable increase include:
- Walsall had a 75% increase to £341,400 on the average property value of £195,246.
- Birkenhead showed a 55% increase in the average property price from £115,270 to £178,000.
Did any house prices decrease with an EV charger?
Not all areas saw an increase. 24% of the 50 cities surveyed did not see a positive link between house prices with a charger installed and the local average. The average reduction in value for these was -16% in value. See our winners and losers table below to see which house prices don’t appear to benefit from installing an EV charger.
The City of Westminster had the most significant reduction. The average sale price came out at £1,676,758, yet homes with an EV charger were valued at £1,037,750 – that’s £639,008 less or a -38% reduction.
While Londoners might be incentivised to choose electric and avoid the Congestion Charge, car usage is declining in the capital. Private car trips have decreased by 13% since 2003, according to Christina Calderato, the Head of Transport Strategy and Planning at Transport for London. This appears to be linked with more Londoners taking public transport and opting for home deliveries, rather than going out to shop. Of course, this lessens the need to own a car personally.
Other areas that saw a decline include:
Wigan – -24%, with house prices down by £41,936 from an average of £173,636
Glasgow – -23%, reducing prices by £45,361 from an average of £194,598
80% of homes without an EV charger sold for less than the local average
Our research found that 80% of homes with no EV charger installed or nearby sold for less than the local average. The average difference in price was -20% or -£64,696. This could indicate that EV chargers are valuable to potential homeowners when they’re looking for a new property.
5 Tips to Save Up to £1,850 Per Year with a Home Charge Point
The cost of installing an EV charge point at home (including labour) is around £800-£1,000, with prices increasing for higher-capacity models. While this might seem like a lot to pay upfront, there are ways to keep EV charger costs down. Here are five top tips to save up to £1,850 over a year.
Apply for a government grant - The Electric Vehicle Homecharge Scheme (EVHS) pays up to 75% (£350 max) of the cost of installing your charge point.
Energy Saving Trust (EST) grant - For residents of Scotland, an additional £250 (£350 in remote locations) is available towards the cost of your charge point installation.
Avoid installing your charging point unless qualified – if you opt for a self-installation, you’ll miss out on grants, plus risk damaging your car and home.
Install solar panels – installing a solar panel to charge your car saves the average driver £1000 per year.
Choose the right charger – if you don’t drive huge distances and can wait a longer time to charge, a lower kW charger can save you around £250.
Other Reasons to Install an EV Charger
Beyond adding value to your home, installing an EV charger offers lots of other benefits. Including:
- Convenience – charging your car and handy for friends and family who stop by.
- Cost saving – it’s estimated that you could save £1,000 a year using your own charger rather than public ones.
- Faster charging – EV charge points are 30-60% quicker than using a standard wall socket.
- Energy efficient – traditional sockets aren’t designed for high power loads over long periods, making charging less efficient.
- Future-proofing – the sale of new petrol and diesel cars will be banned from 2030, so installing a charge point is a good opportunity to get ahead of the curve.
For more automotive updates and research, check out the Rivervale blog, featuring the future of Tesla and how much we really know about EVs.
Looking to Cut Costs on Driving an EV?
Why not check out our electric car lease deals? You could drive your dream EV while making affordable monthly payments. Some of our deals even include a home charger for you to rent, making the switch to electric easier than ever.
Do you have a question about your next car lease? Our friendly team is here to help, get in touch today on 01273433480 or request a callback with a time that’s best for you to talk.
Methodology
We analysed 1,000 sold house prices on Rightmove and compared them to the average local area price across 50 UK areas. House prices were recorded where an EV charger was installed at that postcode, using Zap-Map, and compared to homes without a charger within a 10-mile radius. These findings are from our study and may not represent all experiences.
