Nordea: Nearly half of homeowners are trying to save energy at rising costs

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More than a third of respondents said they are concerned that rising interest rates will make it difficult to deal with other housing costs.

Nearly half, or about 48 percent, of respondents who live in owner-occupied homes say they have already started regulating their energy consumption due to rising costs. Image: Henrietta Hassinen / Yle

Rising energy costs and inflation in general have prompted households in Finland to change their habits, according to a study by financial services firm Nordea.

The aim of the survey was to see how concerned people in Finland were about rising housing costs, how households are prepared for rising interest rates and energy costs, and how the energy crisis could affect property values.

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More than a third of respondents said they are concerned that rising interest rates will make it difficult to deal with other housing costs.

Nearly half, or about 48 percent, of respondents who live in owner-occupied homes say they have already started regulating their energy consumption due to rising costs.

Saving energy was most common among those who were concerned about rising costs and felt they could cope better by adjusting their energy use, the study found.

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Meanwhile, 60 percent of respondents said they believe their home’s value will change as a result of rising energy prices. Those most likely to think their property values ​​were going down were men who lived in rural areas in the north and east of the country and considered heating their homes.

Most respondents, more than half, said they are bracing for rising interest rates and inflation. More than a third, or 36 percent, said they think those rising costs will make it difficult to deal with other housing needs.

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However, a majority, or 59 percent, said they don’t think a rise in interest rates will affect their own housing spending, while about 70 percent said they had already prepared for interest rate hikes with, for example, interest rate ceilings or savings.

Nordea’s survey was conducted at the end of last month by opinion polling agency Kantar TNS. More than 1,000 people in Finland took part in the study.

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