When the growl of a V8 is replaced by the Whizz of electric your house price is on the increase.
Building a picture of the affluence of a neighbourhood is usually a combination of the size and the style of houses, plus the number of good amenities nearby. Now the number of electric vehicles in the area is being added to the mix.
The UK Government has pledged to be carbon neutral by 2050, one of the main steps to this is phasing out all petrol and diesel vehicle by 2030, committing to all Ultra Low Emission Vehicles. It seems, 2020 was the year every car manufacturer released their latest EV or hybrid from the affordable everyday car to top of the range. Data from the Society of Motor Manufacturers and Traders shows electric models took 17 per cent of the new car market in 2020, up from 3 per cent during the previous 12 months.
They are still only in the 1 per cent of vehicle registrations despite the lower running costs and tax benefits. Compared to traditional equivalents the additional cost of production means lots of EV are targeted at the top end of the car market.
Increasingly seen as a status symbol. Savills data shows on average private ownership of EV in areas of average house prices of £500,000 is four times more than areas of average prices of £200,000. With London and the South East making up 40 per cent of EV owners. The highest concentration of EV is in the affluent areas such as Harrogate and Stratford upon Avon.
From the preserve of the wealthy to widespread adoption, the growth of public charging infrastructure goes hand in hand with the rise of EV registrations. Across the UK there are currently 7.5 ULEVS and 20 EV for every public charging point, with significant local and regional disparities. London sets the bar with relatively high rates of ULEV registrations and high number of public charging facilities.
Charging facilities at home will be critical while the logistical challenge of public charging infrastructure is rolled out. However, the English Housing Survey show that 33 per cent of dwellings do not have off road parking facilities, rising to 63 per cent in urban spaces. Transport Secretary Grant Shapps insisted the UK’s charging network is “world-leading”, adding: “From Cumbria to Cornwall, drivers across the country should benefit from the electric vehicle revolution we’re seeing right now.” Local authorities have been offered a further £20,000,000 by the Government to install 4,000 more
on-street charge points across the UK. With the expectation that EV forecourts and charger hubs will have an increasingly important role to play in the coming years.
As the ‘green industrial revolution’ takes off, the extent of electric vehicle ownership in an area is as good a measure as any of the affluence of the neighbourhood and as the whizz of electric motors replace the growl of the V8, the house prices are on the way up.