Propertymark says Chancellor Jeremy Hunt’s budget pledge to make homes and business premises more energy efficient will be crucial to the UK hitting net zero by 2050.

Hunt has set a target of reducing the UK’s energy consumption by 15% by 2030. To help achieve that he has committed to setting up a taskforce and doubling the UK Government’s spending on energy efficiency.

Existing funding schemes have been poorly targeted.”

Timothy Douglas, Head of Policy and Campaigns for Propertymark, says: “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.

TARGETED

“Existing funding schemes have been poorly targeted so this additional spending pledged by the Chancellor needs to offer real incentives for home owners and landlords to invest in measures that work for their property, and are not based on the idea that one-size-fits all.”

Elsewhere the Department for Business, Energy and Industrial Strategy (BEIS) is also currently reviewing how to deliver the net zero target to ensure it does not place undue burdens on businesses or consumers.

Propertymark says more realistic energy efficiency targets need to be agreed with the sector along with financial support to help achieve them.

STRATEGY

It also wants a national retrofit strategy linked to funding and targets that consider a property’s individual characteristics.

Meanwhile 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.

Douglas adds: “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.”