UK Finance proposes radical action to achieve green housing
17th November 2022
UK Finance has published a report calling for greater collaboration between finance, government, civil society and business to ‘inspire action, deliver funding and define the standards needed for the greening of the UK’s homes’. The report aims to ramp-up action on the part of all stakeholders in the housebuilding industry to tackle climate change and to provide solutions to rising energy bills and their effect on the cost of living.
UK Finance recommendations for achieving green housing
The report, ‘Net Zero Homes – Time for a Reset’, sets out UK Finance’s bold recommendations, which broadly align with key targets laid down in the government’s Net Zero Strategy. The recommendations include:
- Prioritising public funding to retrofit social housing. Prioritisation should be given to social housing most appropriate for heat pump installation, and retrofitting should also be focused on social housing areas with high rates of fuel poverty.
- Providing government grants to vulnerable populations covering energy efficiency improvements and low carbon heating systems.
- Amending Stamp Duty Land Tax (SDLT) to offer rebates if energy efficiency improvements are completed within two years of property purchase. Amendments to SDLT should be made after 2025.
- Amending Energy Performance Certificates (EPCs) so they are fit for purpose and a more up-to-date/effective way of representing energy efficiency.
- Implementing minimum energy efficiency ratings for owner-occupied housing, required for the sale or re-mortgage of a property. This should be phased-in between 2030 and 2050.
Walker Morris will monitor and report on key developments.
How can we help housebuilders to address green housing challenges?
Renewable energy experts within Walker Morris’ Infrastructure & Energy Group work seamlessly alongside the firm’s Residential Builders & Operators and Housebuilder specialists to provide targeted legal and practical advice in relation to the utilisation of renewable energy solutions and sustainable development in the residential real estate context.
For further advice or information, please contact Paul Dinning or any member of the Infrastructure & Energy Group.
