The Tesla effect: why EV charging points are London’s next big luxury real estate trend
- The number of electric cars spotted on the street is a sure sign of a neighbourhood’s affluency, so charging points are a must for new luxury properties
- Every parking space in St James’ White City Living development comes with the amenity, and many more London luxury living destinations are following suit
If you could pick the next big must-have for high-end home shoppers, would an electric vehicle (EV) charging point make the list?
In London, a city intent on becoming carbon neutral by 2050, developers are banking on just that. According to industry body The Society of Motor Manufacturers and Traders (SMMT), electric vehicle take-up accelerated faster than any other sector last year, with sales up 185.9 per cent from 2019, despite new car sales overall falling by 29.4 per cent.
Lucian Cook, head of residential research at Savills, sees this trend being reflected in what people look for in a home. “The size and style of the houses, the goods in the shops nearby – all this can help build a picture of the relative affluence of a neighbourhood,” he says. “Now it seems we can add the number of electric cars to the mix.”
Savills’ research shows that, on average, levels of private ownership of electric vehicles and hybrids in neighbourhoods with an average house price of over £500,000 (US$690,000) are more than four times those seen in cheaper areas.
In the five £1 million-plus boroughs of Kensington and Chelsea, Westminster, the City of London, Camden and Hammersmith and Fulham, they account for one in 27 privately registered vehicles, compared with fewer than one in 500 privately registered vehicles in eight local authorities, including Middlesbrough, Blaenau Gwent and Hull.
“And while 40 per cent of private ultra-low emission vehicle (ULEV) registrations are in London and the southeast, their highest concentrations are in some of the most affluent areas in each of the 11 regions of the country, with Harrogate topping the list in the North of England, Rushcliffe and Stratford-upon-Avon doing so in the Midlands,” Cook continued.
