Increasing Interest in Green Features in Boston’s Real Estate Market

In March 2024, a survey by the National Association of Realtors found that 45% of agents reported their clients were at least somewhat interested in sustainability. While appreciation for green features is growing, buyers in Greater Boston are still hesitant to pay extra for environmentally friendly home features, according to local realtors.

Joselin Malkhasian of Lamacchia Realty notes a gradual shift in attitudes towards photovoltaic solar panels, with buyers now more neutral towards them. However, she points out that buyers prefer owning panels rather than leasing due to concerns about roof rights.

Ezra Stillman, a senior sales agent at Hammond Real Estate, also observes a shift in buyer attitudes but emphasizes that green features still don’t significantly impact purchasing decisions. State Building Code updates now mandate many energy-efficient features in new or renovated homes, making them a secondary factor for buyers.

Craig Foley, founder of Sustainable Real Estate Consulting Services and chief sustainability officer for LAER Realty Partners, believes many buyers are unaware of a home’s green features due to a lack of promotion by listing agents. He advocates for agents to obtain the National Association of Realtors Green designation to better serve clients interested in sustainability.

Despite the varying interest levels, one green feature that buyers find particularly attractive is walkability, which can command higher prices for homes located near commercial centers.

Universal Credit Reforms Impact Millions in the UK

A report by the Institute for Fiscal Studies (IFS) in June 2024 revealed that over a million financially vulnerable people in the UK are on average £2,000 poorer annually due to a decade of benefit reforms and cutbacks under the Conservative government’s Universal Credit system.

The Universal Credit system, initiated in 2013, aims to streamline benefits and incentivize work. While nearly half of the five million claimants have seen a boost in payments up to £200 per year, one in five households has experienced a drop in income by up to £2,000 annually.

The IFS described these changes as the most significant welfare reform since the post-war Labour government. However, the system now supports many low-wage workers without effectively encouraging the shift from part-time to full-time employment.

Households with assets over £16,000 and the self-employed also face considerable losses. The DWP plans to transition the remaining 1.2 million benefit claimants to Universal Credit to reduce departmental spending.

The IFS highlights that claimants of employment and support allowance (ESA) are particularly vulnerable. There is concern that these disabled claimants, who often receive substantial means-tested benefits, may face significant financial hardship without adequate support during the transition to Universal Credit.

Solar Panels Can Save Households Significant Energy Costs

Households have the potential to save nearly £500 annually on energy bills by installing solar panels, according to experts. Despite the initial installation costs, solar panels can lead to significant long-term savings and increase property values by tens of thousands of pounds.

Roland Ellison, editor of Eco Experts, emphasizes the advantages of switching to solar due to high wholesale gas prices. Solar panels not only reduce energy bills but also make properties more appealing to buyers, as they offer long-term financial benefits with reduced energy costs.

Buyers are advised to check the age, warranty, and maintenance costs of installed solar panels when considering new homes.