Homebuyers priced out of EV ownership due to sky high cost of buying near public charging ports
The latest research by eXp UK, the platform for personal estate agents, has revealed whilst electric vehicles (EVs) may be growing in popularity, those in search for a home within an area offering plentiful opportunity to charge one in public will need to pay over £500,000 for the pleasure.
eXp UK analysed current data on the number of publicly available EV charging devices found across the UK, the average price of living in an area with a plentiful supply, as well as highlighting a number of areas to have seen the biggest increases in charging devices but that still offer a far more affordable house price.
The research shows that across the UK there are 64,632 EV charging ports available to the public, a number that has increased by 47% in the last year alone.
However, further analysis by eXp UK shows that if you plan to purchase a home in an area that is already geared up to sustain the future of road travel, you will have to fork out a hefty sum for the pleasure.
In fact, the average house price across the top 25 UK areas home to the most public EV charging devices comes in at no less than £507,143. This climbs to a staggering £664,661 when looking at the average cost of a home across the top 10 areas to boast the highest number of public EV charging ports.
In contrast, the average cost of a home across the 25 areas of the UK that are home to the lowest number of EV charging ports comes in at just £265,786 - almost half that of the top 25 areas.
However, homeowners with an eye on the future may want to consider the areas where public EV charging availability is on the up. Of the 20 areas to have seen the largest annual increase in publicly available charging ports, six are home to an average house price of around £300,000 or less.
The Vale of Glamorgan has seen the number of public EV ports climb by 132% since last year, with the average home costing £301,237, whilst Rhondda Cynon Taf has also seen an increase of 136% whilst the average home costs just £157,433.
In the Midlands, Charnwood has seen a 141% increase in public EV ports, whilst in Shropshire there are now 166% more than a year ago, home to respective average house prices of £276,846 and £274,927.
The average home in the Wirral in the North West will set you back £208,910, with the area having seen a 239% jump in public EV charging availability.
Finally, Forest of Dean in the South West has seen the number of EV charging ports increase by 459% in the last 12 months, with the area also boasting an average house price of £297,319.
It's worth noting that Bexley in London has seen the UK's fourth highest increase in EV charging availability in the last year at 307%. Whilst the average house prices comes in above £300,000 at £415,496, it does present a relatively affordable option when compared to the wider price of London property.
Head of eXp UK, Adam Day, commented:
"Electric vehicles have exploded in popularity, largely due to the fact they are far more affordable to run, although with the Government now looking to take their slice of taxation, this will change slightly going forward.
Of course, they aren't much use without being able to charge them and we're seeing an increasing preference from homebuyers when it comes to public EV charging availability in areas they are hoping to purchase.
Unfortunately, a home in areas boasting the highest number of public EV ports will set you back quite a substantial sum. Savvy buyers are best advised to look to more affordable areas where availability may be lower, but the number of charging ports is already increasing rapidly.
As more of us look to electric vehicles in the future, this number will only grow further and, as is often the case in the property market, those who can get ahead of the future trends will not only secure a cheaper home, but will no doubt benefit from a higher rate of house price growth as a result."
