YIT Oyj: Finns are worried about rising energy prices - positive movement in housing market
YIT Corporation Press release 28 November 2023 at 9:00 a.m.
According to a survey* commissioned by YIT, the rising cost of living is a significant or very significant concern for 40 per cent of urban dwellers. Low-income households, tenants, and women under 36 are especially worried by the rising costs. The higher price of energy was the main concern among the respondents (67%). Homeowners were also concerned by increasing interest rates (45%) and the cost of future repairs (31%).
The results also indicated that among those who moved last year, one in every five (22%) sought a more affordable home and nearly one in every five (18%) looked for a more peaceful home.
The headwinds in the housing market over the past year have slowed housing sales and created pent-up demand. However, interest in buying a home has increased recently.
"Over the past few weeks, we have noticed that customers have become more active. There are far more private viewings than there were just a few weeks ago and negotiations are taking place with more people. Migration to cities has continued to be particularly strong this year and the levelling off of interest rates is boosting confidence in the future. We have heard a similar message from banks, both first-time buyers and those interested in investment housing," said Pekka Helin, Senior Vice President of Customership and Living Services at YIT.
"For most of us, our home is our life's largest investment and purchasing decision. The costs of new buildings reflect their energy efficiency and modern technical services, both included as standard, and the absence of repairs for a long time to come. This brings peace of mind and safeguards the purchase," Helin continues.
Women over 50 are leaders in environmental friendliness
Concerns about climate change continue to grow among the residents of large cities. Climate change is a significant or very significant concern for 46 per cent of citizens. In 2019, this figure was 37 per cent. Women are more concerned about climate change: 55 per cent reported the concern being significant or very significant, whereas only 38 per cent of men said the same.
Women over 50 lead the way in environmental actions at home. They value the environmental factors of housing highly, such as easy recycling, water-saving taps, and energy efficiency. More than half of the female respondents over 50 have cut down on their use of hot water (66%) and reduced their home's temperature by at least one degree Celsius (54%).
"New homes are brimming with environmentally friendly choices and technology. Ventilation and hot water are the top energy consumers in any building: up to 40 per cent of a household's energy consumption may be due to the heating of their domestic water. For example, YIT Homes installs eco-friendly taps as standard, and the YIT Plus service allows homeowners to monitor and adjust their water consumption based on data," says Helin.
Three in every four urban residents (75%) also highly or very highly appreciate easy recycling systems in their homes. Two in every three (63%) had increased their waste sorting rate and one in four (25%) were ready to change their recycling habits. One in every three (31%) were also ready to reduce their use of hot water or drop their home's temperature by one degree Celsius.
"The most impactful eco-friendly measures are taken at the building's planning stage, including the choosing of the building materials. New YIT homes are designed to reduce emissions, remain airtight, and meet the requirements of energy performance class A, meaning they feature either geothermal or solar energy production. Our homes are located next to excellent transport connections, including public transport, and we offer charging capabilities for EVs," says Helin.
*The Sustainable Urban Environments survey is directed at the residents of Helsinki, Espoo, Vantaa, Tampere, Turku, Oulu, Jyväskylä, and Kuopio in Finland. In 2023, the number of online respondents was 1,058 + 354 (a separate sample of office workers). The data represents the urban population of 18-80-year-old residents, divided by gender, age, and size of city. The survey was carried out between September and October 2023. YIT commissioned Prior Konsultointi to conduct the survey.
Download the survey | YITGROUP.COM (https://www.yitgroup.com/barometer)
Energy efficiency for more sustainable homes | YIT.fi (https://www.yit.fi/en/in-focus/energy-efficiency-for-more-sustainable-homes)
YIT Group Communications, tel. +358 44 743 7536, [email protected]
YIT is Finland's largest and a major North European development and construction company. We develop and build sustainable living environments: functional homes, future-proof public and commercial buildings, infrastructure for smooth mobility, and renewable energy solutions to benefit the climate. We employ some 5,000 professionals in nine countries: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia, and Poland. Our revenue in 2022 was EUR 2.4 billion. YIT Corporation is listed on Nasdaq Helsinki. Read more: www.yitgroup.com/en