RICS response to government consultation on home energy performance

RICS has responded to the Department for Business, Energy and Industrial Strategy recent consultation on proposals that will significantly reform the role lenders have in improving the energy performance of the UK housing market.

The proposals seek to, either through voluntary or mandatory levers, require lenders to publish the average energy performance for the majority of residential properties they are currently lending towards. Lenders will also be required to improve their overall portfolio energy performance to an average of EPC C, by 2030, through the creation of green products and lending to allow consumers to undertake the work.

RICS welcomes this consultation and the overall proposals to seek new and innovative measures to improve the home energy market. It is important, however, that we create a system that does not disenfranchise consumers and results in stranded assets. To make this a success, the government needs to work closely with lenders, consumer groups and the wider built environment sector to ensure there are sufficient, highly trained experts capable of delivering this work.

Sam Rees, RICS Public Affairs Officer, commented: “Improving the energy performance of the housing market is critical if the government is to meet it’s 2050 net-zero target.

“The recent English Housing Survey highlighted the scale of the problem, with less than one-third of private rental and owner-occupied homes achieving at least an EPC C rating.

“Measures to improve the energy performance of the housing market is not only critical to address the climate change challenge, but it will also result in environmental improvement and long-term economic benefits for owners.

“While the proposals and target of 2030 to achieve this work are ambitious and challenging, RICS professionals are well-positioned to support the polices through our RICS Home Survey Standard and the new RICS Low Carbon Homes Consumer Guide - key tools to making this a success."