Research by Warwick Estates reveals that, amid the soaring cost of living, homebuyers could take advantage of building technology advancements and save £1,200 a year by purchasing a new-build home instead of an older, existing property.
Due to their modern materials, construction techniques and more energy-conscious design, new-build properties offer greater energy efficiency than older properties.
With energy prices where they currently are, the average annual energy bill for an existing property in England is £1,380.
For a new-build, it’s just £675, a difference of £705.
The biggest new-build energy savings are available in West Midlands where an existing property costs an average of £1,450 to run, while a new-build is £760 cheaper at just £689 a year.
In the East Midlands, new-builds offer a saving of £736, followed by the South West (£727), North West (£700), and Yorkshire & Humber (£693).
As we enter the back end of 2022, Ofgem is predicting a 42 per cent rise on current annual energy bills.
This means the bill for an existing home will rise to £1,961 between October and December this year while new-build costs will be £1,001 more affordable at £960 a year.
While Ofgem’s prediction is concerning, it’s nothing compared to that recently made by Cornwall Insights, a research and analysis firm that
specialises in the energy market, who predict bills will actually increase by an unprecedented 70 per cent between October and December of this year.
If this prediction is proven correct, it means the average price of running an existing home in England will rise to £2,352 while bills for new-build owners will increase to £1,151, a difference of £1,201 per year. The biggest difference will, once again, be found in the West Midlands where new-builds will offer a saving of £1,296 with bills of £1,175 instead of £2,471.
Pictured: You could save thousands of pounds with a new-build property Picture: Pixabay