Fitting an electric vehicle charge point could add £50,000 to your home’s value

The UK is making the switch from combustion-engined vehicles to those powered by electricity.

In 2030, the first phase of the UK’s plan to stop the sale of petrol and diesel vehicles begins, and by 2035, only pure electric vehicles can be sold new.

Official figures show electric vehicle sales are on the rise, and although they still only make up a small market share, so far in 2021 EV sales are up 86 per cent on 2020.

With this in mind, it’s perhaps no surprise to learn that homes with electric vehicle charge points installed are already worth more than those without.

Letting experts Mashroom have collated data for landlords to find the green upgrades that could add the most value to their property.

It points to research from car leasing firm Riverdale, which analysed the value of 1,000 homes and found 76 per cent with an EV charger were worth more than the local average.

The difference can be significant, too, with these homes typically going for about £50,000 more than homes without a charger.

This price discrepancy could be set to increase over the next decade as EV uptake increases, with more people seeing a charge point as an essential feature when buying a new home.

Fitting one is hugely cost-effective, as Mashroom estimates a charger costs around £1,000.

Electric vehicle owners can see that cost cut, though, through government schemes designed to encourage EV uptake, while some manufacturers have offers that include free or heavily discounted charge point installation when buying a new EV.

Other cost-effective eco-friendly measures include fitting solar panels, which cost around £6,000 but can add 14 per cent to the value of your property. Switching to double- or triple-glazed windows can cost up to £5,000 but can add 10 per cent to your property.

Insulation, meanwhile, can cost up to £8,000 for semi-detached properties or even £20,000 for a detached home, but will do little to increase its value.