Plug-in cars & property: an electric relationship?

Posted on 8 Jun, 2021

Electric vehicles are *almost* part of everyday life and they’re becoming intrinsically linked with the property market too, discovers Viewber.

Did you see the unveiling of the world’s most expensive car recently? The Rolls-Royce Boat Tail is a custom-designed beast carrying a price tag of c. £20 million. Despite the cocktail deck, champagne chiller and dashboard mount to hold bespoke Bovet watches, it is powered by a 563bhp 6.75-litre twin-turbo V12 engine.

With such a heavy investment, it was a little surprising to see the car wasn’t all-electric but Rolls-Royce’s loyalty to the petrol pump doesn’t mean that there isn’t über luxury in the electric car sector. Take, for instance, the Aspark Owl – the fastest electric hyper car in the world. With its Knight Rider-style doors, cockpit-style controls and Formula One aero, it will set you back almost £3 million.

If you want to join the all-electric club but don’t have a few million floating around, fear not. With the Government set on banning the sale of diesel and petrol cars by 2030, EVs are becoming more mainstream with price tags reducing as more manufacturers add EV models.

Developing in tandem with our new-found fondness for plug-in vehicles is a property market that’s in tune with electric cars. Showhouse magazine recently carried a feature dedicated to discussing the house building sector’s relationship with EVs, especially in light of expected legislation that will make it mandatory for all new homes with a dedicated car parking space to be built with an electric charging point.

The article also highlighted research from agent Jackson-Stops, which found that over a fifth (22%) of the UK public want EV charging points in their next home, with respondents prioritising charging points above good transport links.

While many of are keen to embrace electric vehicles, the cost of swapping over from petrol or diesel has to be factored in. There is however, positive news when it comes to property values and plug-in cars, with the addition of a charging point widely thought to lift a home’ value.

A survey by Co-op Insurance found that 39% of people think properties that don’t have a home car charging station will lose value moving forwards, while 31% of motorists expect they will purchase an EV within the next five years.

When you consider a car parking space is estimated to add 5% to a property’s value and HM Land Registry says the average property price in the UK is now £256,405 – a space alone adds almost £13,000 to the average home’s price. Include a charging point and you’re adding value as much as convenience.

Of course, ditching diesels in favour of electric vehicles is predominantly about carbon saving and sustainability than it is property prices, and we are encouraged to see more of our Viewbers attending property visits in the greenest way possible. Take, for instance, our Viewber Karen on the Kent coast. She switched to a hybrid car in late 2018 to offset the miles she accrues going from property to property.

If you’d like the most local person to attend a property visit or accompany a viewing on your behalf, book a Viewber – they will save you mileage as well as time.

 

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