NHIC Says That Mortgages Will Help to Encourage More Home Improvements

Posted under Blog by Ruth

An expert has claimed that the ‘next step’ in stepping up the energy efficiency improvements of Britain’s existing homes will be mortgages that require buyers to carry out green home improvements to the property.

The National Home Improvement Council (NHIC) director, Andrew Leech, said that a total of 50,000 houses are going to have to be retrofitted each year if the government is to meet its carbon reduction targets by 2050.

There are a number of grants and schemes in place to help householders make upgrades to homes, such as by installing loft insulation or upgrading boilers. However, it has been claimed that more must be done to encourage further green home improvements to make residential properties more eco friendly.

One of the possible suggested solutions was to introduce mortgages that require buyers to improve energy efficiency of homes by around 50 percent, or to refuse finance in cases where properties don’t meet minimum standards. Buyers would then be encouraged to install new measures such as energy efficient double glazing in windows or renewable energy systems.

Homeowners could also benefit from the idea, thanks to the fact that energy efficient properties can help to save money on annual energy bills.

Leech said that ‘my feeling is that is just around the corner’.

The Department of Energy and Climate Change figures show that carbon emissions from residential property rose in 2008, by 3.2 percent.