The cost of living crisis is changing the way people are buying homes in Lancashire, research reveals.

A report found that more than a third (37 per cent) of buyers are considering buying and renting out a room for additional income.

As the cooler autumn weather means that energy bills begin to bite again, 56 per cent of consumers said that they would buy a new build home to save money on gas and electricity.

The lack of energy security and rising interest rates are also a major concern for more than half of the people surveyed in the Tackling the Cost of Living Crisis - 2023 report by Barratt Developments PLC, Barratt Homes and David Wilson Homes.

Steve Mariner, sales and marketing director for Barratt Developments, said: “The cost-of-living crisis is changing the way some people are buying homes.

"More buyers are looking to purchase homes and then rent out a room to gain additional income.”

The research showed a trend towards co-ownership as consumers struggle to buy solo.

Some 43 per cent of those surveyed are considering buying with a friend or family member and half of those surveyed are considering purchasing an apartment instead of a house to save money.

Steve continued: “To help buyers overcome the more challenging housing market, we have launched a generous round of incentives, including our Key Worker scheme, which provides a deposit for a wide range of buyers from teachers to those in the police, postal service, council and NHS workers.

“We also have the Movemaker scheme, which takes away the stress of selling your existing house to move into an energy-efficient new home.

"All of our incentives offer support for buyers to help overcome the challenges that rising interest rates have caused.”

Barratt and David Wilson Homes are giving house hunters a helping hand to make their move to a greener home via its deposit or mortgage contribution scheme, which sees the housebuilders contribute £1,000 for every £20,000 of the purchase price of the property, up to a total of £30,000. 

A Barratt and David Wilson Homes property is up to 64 per cent more energy-efficient, which could save homeowners up to £2,200 per year on bills, based on HBF "Watt a Save" report published July 2023.

For details about any developments in the area, visit the website at Barratt Homes in Lancashire or David Wilson Homes in Lancashire.