Will an electric car charging point boost my property’s value?

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A new law will make electric car charging points mandatory for new-builds across the UK from next year, as the government ramps up its drive to go green. 

In a bid to ease the country’s transition towards all electric vehicles from 2030, Prime Minister Boris Johnson has announced that all new buildings will need to be equipped with an electric car charging point from next year. This applies to newly built homes, supermarkets, workplaces and other buildings across the country, as well as buildings that are having major remodelling work.

From 2030, the government intends to ban the sale of petrol and diesel cars. This is part of its overall scheme to bring the UK towards net zero emissions, and will be a radical change from what we see on the roads today.

How will this affect residential property?

While the law will only apply to new-build properties, from a property owner’s or investor’s point of view, the new rules will certainly be something to think about in terms of investing for the future. Many property investors may choose to install an electric car charging point near their properties as a way of future-proofing.

With more electric vehicles than ever now on the road – around 10% of all cars sold in 2020 were electric – people are going to become more drawn to places that have charging facilities. For investors and landlords, as well as homeowners who may sell in the future, it could be a great way of ensuring future interest in the property from tenants or buyers.

By increasing a property’s appeal, there will normally be a financial ramification. According to the National Association of Property Buyers, an electric car charging station could add £3,000 to £5,000 to the value of a home. At an average cost of around £800 to install, this could mean a generous profit when you come to sell.

Retrofitting across the UK

As mentioned above, while developers will need to now factor this facility into their new developments, investors will be starting to think about retrofitting.

Eleanor Bateman, policy officer at Propertymark, says that parts of England are “lacking critical charging infrastructure”.

“With the sale of new petrol and diesel vehicles prohibited from 2030, and at-home charging the most economic option, there has been a need for intervention to facilitate the uptake of electric vehicles to achieve Net Zero by 2050.”

“However, new-builds make up just a fraction of total housing stock. The UK government must therefore make funding available for retrofitting existing homes, as well as continue to invest in low-carbon public transport to ensure that no areas are left behind.”

Is an electric car charging point a “must have”?

There are currently around 25,000 charge points across the country, which is relatively low considering the surge in electric vehicle sales seen recently. The hope, according to Boris Johnson, is to increase this number to an additional 145,000 each year.

At present, there are a lot more charging stations in the south-east and London than elsewhere in the country. According to MPs on the Transport Select Committee, home charging is much cheaper than public charging. Additional installations will also reduce the carbon footprint of individuals living at properties that benefit from one, and environmental issues are being considered more than ever right now in the private rented sector.

At some point, like top energy performance certificate (EPC) ratings, electric car charging points will become more than just a luxury item, and something that the vast majority of tenants will want from their homes.

Eleanor Bateman adds: “Propertymark member agents are increasingly seeing buyers and renters citing electric vehicle charging points as a ‘must have’, therefore it is positive to see that the UK Government is taking steps to address this, putting cost-effective measures in place will remove what is a significant barrier to electric vehicle ownership.”

Source BuyAssociation

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