Funding help is needed to make homes more energy efficient

Only cash help to make homes and businesses energy efficient will enable the government to meet a pledge set out by the Chancellor of the Exchequer, Jeremy Hunt, in his Autumn Statement last week, Propertymark says.

Mr Hunt says he wants to focus on boosting energy efficiencies because this will be crucial to hitting the Net Zero target by 2050.

The Chancellor has now set a target of reducing the country’s energy consumption by 15% by 2030.

And to help achieve that, he is to set up a taskforce and will double the government’s spending on energy efficiency.

The role that the property sector must play

Propertymark says it understands the role that the property sector must play in reducing energy consumption and has been lobbying for financial support to fund these measures – including for landlords to improve the energy rating of their properties.

Timothy Douglas, Propertymark’s head of policy and campaigns, said: “It’s good to see the government have listened to what we have been saying for some time.

“That is improving the poor energy efficiency of homes and businesses is the most effective way of reducing householders’ bills and cut carbon emissions from millions of homes and buildings.”

He added: “Existing funding schemes have been poorly targeted, so this additional spending pledged by the Chancellor needs to offer real incentives for homeowners and landlords to invest in measures that work for their property and are not based on the idea that one-size-fits all.”

BEIS is reviewing how it will deliver the Net Zero target

The Department for Business, Energy and Industrial Strategy (BEIS) is also currently reviewing how it will deliver the Net Zero target to ensure it does not place undue burdens on businesses or consumers.

In response to the BEIS review’s call for evidence, Propertymark says more realistic energy efficiency targets need to be agreed with the sector along with financial support to help achieve them.

Propertymark is also renewing its call for a national retrofit strategy that is linked to funding and targets that consider a property’s individual characteristics.

Options for Stamp Duty discounts for those who take on and improve low EPC-rated homes should also be explored as this is something that may also help bring long-term empty properties back to the market.

Environmental and financial benefits to tenants and landlords

It says more needs to be done to promote the environmental and financial benefits to tenants, landlords and homeowners in reducing bills and emissions.

The wider economy can also benefit with the creation of more jobs in green industries to deliver the government’s Net Zero strategy.

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