Property industry heavyweights call for climate change action

A major new report from Landmark Information Group warns action must be taken now to safeguard risks from not meeting energy efficiency requirements for homes.

Imminent risks such as energy efficiency requirements, flooding, coastal erosion and shrink-swell subsidence can all be protected against if action is taken.

ADAPT

But the industry needs to adapt the way that it works and adopt a unified process for improving the carbon footprint of homes.

The report, brought together by industry experts including The British Geological Survey, Birmingham Law School, The Lettings Industry Council and JBA Risk Management, warns of the impact of climate change on the property market.

These risks, the report says, will have implications for every sector across the property industry, influencing how estate agents price a property for sale or rent and how lenders determine mortgages.

It will also impact how surveyors make assessments and recommendations and how conveyancers manage expectations.

The demand for action has never been greater.”

Chris Loaring (pictured), Managing Director, Landmark Legal, says: “The impact of climate change is already being felt and the demand for action has never been greater.

“This report has made the action clear – what we need now is a unified process and provision of data so that each sector across the industry is empowered to manage the risks of climate change.”

CRITICAL

Simon Brown, CEO, Landmark Information Group, adds: “We have reached a critical point where we need to work together to understand and question whether we are measuring the right things, in the right way and at the right time.”

Professor Robert Lee from Birmingham Law School says that alongside the physical risks posed by climate change, transitional risks will emerge as the property sector is forced to respond and adapt.

“The impacts will be challenging both for the domestic and commercial sectors.”

You can read the full report HERE.