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By Lloyd Cochrane

Head of Mortgages, NatWest

OTHER FEATURES

A Greener Home Time For Tenants?

The latest research from NatWest and IHS Markit has revealed that just seven per cent of homeowners with a gas boiler are very likely to consider changing to a different energy source in the next three years as consumers face soaring energy bills. 

The latest research from the Greener Homes Attitude Tracker, based on responses from 4,500 people across the UK in the fourth quarter of 2021, found that cost remains the greatest stated barrier to homeowners improving the environmental sustainability of their property. 

It also found that 33 per cent of respondents are unlikely to make green home improvements due to the perceived disruption it would cause. 

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The recent rises in wholesale gas prices are an illustration of the challenges that consumers face as they try to understand what they can do to play their part, how much that may cost and how they can protect themselves from rising energy bills.

However, there was a positive change in attitudes towards green home improvements towards the end of 2021. As consumers are increasingly aware of the impact of their carbon footprint, 63 per cent of homeowners are planning to make green home improvements in the next decade. This was up from 55 per cent last quarter.

The tracker also found that:

- One in five households are very concerned about the carbon emissions produced by homes in the UK;

- Over half (55 per cent) of homeowners have already made positive changes to the environmental sustainability of their property;

- Around one-third (33 per cent) of UK households that are looking to buy a property over the next decade believed the Energy Performance Certificate rating of a property was a 'very important' factor.

Tenants in rental properties have little control over the space they live in. 

These results were reflected in the survey's findings on the current condition of rented properties versus those that are owner-occupied.

- The majority (58 per cent) of those living in rented accommodation said that neither they nor their landlords had made improvements during the time they had lived at the property, compared with 37 per cent of homeowners who had made no changes;

- Renters were less likely to have either double-glazed windows, energy efficient lighting or a smart energy meter;

- 53 per cent of renters strongly agreed that landlords should be required to ensure that the property meets certain minimum environmental sustainability standards;

- 45 per cent of renters and 32 per cent of homeowners strongly agreed that rented properties should be assessed every three years to ensure that they meet minimum environmental sustainability standard.

 

Our research shows that there is clearly a concern for consumers when making those greater green changes in the home, such as replacing gas boilers. 

With the cost of living increasing and more people working from home faced with rising energy bills, more needs to be done in raising awareness of what improving energy efficiency means for individual customers.

We launched the Greener Homes Attitude Tracker to help us understand attitudes towards these issues and enable us to build the products, services and processes needed to play our part in tackling climate change and provide useful insight for all those involved in supporting the transition.

You can access the full Greener Homes Attitude Tracker here. 

* Lloyd Cochrane is head of mortgages at NatWest * 

Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.

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    Green home improvements cost a fortune and save little if anything in heating costs, we all know this

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    You don't say...🙄

    It's almost as if a narrative has been created.

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    That’s easy then we will set the Ivy.

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    So 53% of renters strongly say that LL's should be adding in all manner of green improvements into their let properties ....... so 53% of renters are signing up to higher rents and less properties to let in the future given a great many LL's (me included) will simply sell OUR assets. It is not worth my while to spends 10's of thousands of pounds on a property which i can charge no more rent for, this is a business ! What mad person spends lots of money with no chance of a return on that capital ...... NO ONE DOES (and stays in business).

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    I wonder how many of the 53% realised that any "green improvements" need to be paid for, and any energy cost savings will be far less than the capital cost or increased rental costs required to fund such " improvements".

    If the question was put in such a way then I suspect most of the 57% would answer differently.

     
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    Most LLs would make improvements between tenants so this is a meaningless statistic.

    LLs already have to ensure properties meet minimum environment sustainability standards - this is the EPC. Unfortunately this is currently based on cost not CO2 emissions.

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