Thursday, 09 December 2021

Lenders cautious on energy requirements

Lenders cautious on energy requirements

THE Government has been urged to tread carefully when it comes to implementing its recently announced heat and buildings strategy.

The Building Societies Association has voiced concern at the suggestion that lenders could be required to have an average Energy Performance Certificate rating of C across all of the properties in their mortgage book by 2030.

Paul Broadhead, the BSA’s head of mortgage and housing policy, said: “With 60 per cent of all homes currently above EPC C it will take time to shift the dial and society requires a just transition, not a two-tier market.

“Lenders recognise the clear imperative to improve the energy efficiency of homes and many are already taking positive steps to help homeowners and landlords fund the necessary improvements.

“Government has got a lot right to kick-start relevant markets in its heat and buildings strategy. However, if consumers are to act in large numbers to improve the energy efficiency of their homes they need clarity on what they should do, how much it will cost, and have the assurance that suppliers will do the right things to the right standard, with clear recourse if they don’t.

“The arithmetic is fundamental, squaring the cost with the payback in reduced energy costs. For most, the payback period will go well beyond the time that they live in the property, so ways need to be found to spread the cost so that future occupants also pay their share.”

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