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Mortgages will encourage green home improvements, says NHIC
26/02/10
Edited by Tom Bardsley. Mortgages that require buyers to commit to carrying out green home improvements will be the "next step" in enhancing the energy efficiency of Britain's existing housing stock, an expert has claimed.
National Home Improvement Council (NHIC) director Andrew Leech said that around 50,000 houses need to be retrofitted every year if the government is going to hit its carbon reduction target by 2050.
While there are grants and funding schemes available to help households in upgrading loft insulation or boilers, there needs to be a more general system to drive enhancements in the environmental performance of residential property, he added.
Possible solutions could involve mortgages being restricted to buyers who undertake to improve the energy efficiency of a home by around 50 per cent, or refusing finance for purchasing properties that do not meet minimum standards.
"My feeling is that is just around the corner," Mr. Leech said.
According to the Department of Energy and Climate Change, carbon emissions from residential property rose by 3.2 per cent in 2008.
