Propertymark says the pledge by the Chancellor of the Exchequer in his Autumn Statement to focus on making homes and business premises more energy efficient will be crucial to the UK hitting net zero by 2050.
Jeremy Hunt has set a target of reducing energy consumption by 15% by 2030 and to help achieve that he has committed to setting up a taskforce and doubling the UK Government’s spending on energy efficiency.
Propertymark acknowledges the part of the property sector has in reducing energy consumption and has been lobbying in favour of financial support to fund energy efficiency measures.
Timothy Douglas, head of policy and campaigns for Propertymark, said: “It’s good to see the UK Government have listened to what we have been saying for some time that improving the poor energy efficiency of homes and businesses is the most effective way of reducing householders’ bills and cut carbon emissions from millions of homes and buildings.
“Existing funding schemes have been poorly targeted, so this additional spending pledged by the Chancellor needs to offer real incentives for homeowners and landlords to invest in measures that work for their property, and are not based on the idea that one-size-fits all.”
The Department for Business, Energy and Industrial Strategy (BEIS) is also currently reviewing how it will deliver the net zero target to ensure it does not place undue burdens on businesses or consumers.
In response to the BEIS review’s call for evidence, Propertymark says more realistic energy efficiency targets need to be agreed with the sector along with financial support to help achieve them.
It renews its call for a national retrofit strategy linked to funding and targets that consider a property’s individual characteristics.
Options for Stamp Duty discounts for those who take on and improve low EPC-rated homes should also be explored as this is something that may also help bring long-term empty properties back to the market.
It says more needs to be done to promote the environmental and financial benefits to tenants, landlords, homeowners in reducing bills and emissions, and to the wider economy through the creation of more jobs in green industries to deliver the Net Zero strategy.
