Three in four mortgage holders would heatwave-proof homes with lender support, UKSIF finds
Among private renters, 62% were likely to make improvements, while 10% said not likely at all.
Three in four mortgage holders said they would likely make their homes more resistant to heatwaves if their lender helped with finance, according to research from UK Sustainable Investment and Finance Association (UKSIF).
The poll asked 2852 adults how likely they were to make upgrades like shading, air cooling, insulation, ventilation or solar panels if mortgage finance was available.
Among homeowners with a mortgage, 74% said they were likely to upgrade, with only 2% saying not likely at all.
Among private renters, 62% were likely to make improvements, while 10% said not likely at all.
Across all adults, including outright homeowners, 58% said they would likely install these measures if their mortgage could help, with 10% saying not at all likely.
People in Greater London were the most supportive, with 65% saying they would likely upgrade with help from their lender.
This was followed by 63% in the North West and 62% in the East Midlands.
In the South West, West Midlands and Wales, 61% said the same.
James Alexander, CEO at UKSIF, said: “A home is usually someone’s most expensive asset. But increasingly, climate change is threatening their structural integrity and long-term value.
“More broadly, worsening flooding and extreme heat events could undermine the stability of the housing market and harm the UK’s wider economy.
“Green mortgages could be key to unlocking the finance households will need to climate-proof their properties in the coming decades.”
Alexander added: “But there must be action to raise the profile and accessibility of these products, alongside improved property climate risk information, before this lending can expand significantly.”
Gareth Griffiths, CEO at Ecology Building Society, said: “Ecology has been helping homeowners finance energy-efficient improvements for over 40 years, through our renovation mortgage, and rewarding customers for doing so with discounts on their interest rate linked to their property’s energy performance.
“With the UK having some of the oldest housing stock in Europe, we agree that more must be done to help people access funding and support to improve their property’s energy efficiency and strengthen the resilience of their homes.
“It’s clear that the demand to make such changes is there and we remain ready to support more people in reducing their environmental impact and household energy costs, through mortgage funding for their home improvements.”
Baroness Northover, member of the National Resilience Committee, said: “The Climate Change Committee’s latest adaptation assessment is clear that rising flood and wildfire risk will have consequences not only for individual households, but for insurers, mortgage lenders and the wider economy.
“More homes could become increasingly expensive to insure, lose value or prove harder to mortgage unless we act now to improve their resilience.
“This polling shows that many mortgage holders are willing to act.”
Northover added: “We therefore need much greater awareness, for example with a focus on green mortgages, so that more private capital can be directed towards climate adaptation and resilience.
“Doing so would not only protect household finances and preserve the value of people’s homes; it would also reduce the growing exposure of insurers, mortgage lenders and the wider financial system to climate risk.”
Amy Norman, director at Public First, said: “Whether it is keeping cool in summer or staying dry and warm in winter, the reality is that most of our homes were built in another time, for another climate.
“Upgrading homes to cope with our climate today and in future, keeps people safe, comfortable and financially secure.
“It also protects the wider housing market from the growing risks of properties becoming harder to insure, mortgage or sell.”
Norman added: “Green mortgages can help, but only if government and industry come together to make resilience measures easier to finance, easier to understand, and properly recognised in the housing market.”
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