FINANCE
Energy emergency
EXPERT COMMENT Just a fraction of new homes in the UK are built to an EPC A-rated standard. Creating homes today which aren’t fit for the future and will need to be retrofitted in a matter of years is simply not right. We will be calling for Government, housebuilders and lenders to work together to tackle any remaining barriers to improving the environmental standards of new homes. Buildings are the second largest source of emissions in the UK. Creating sustainable communities is possible and we are demonstrating this through our Oakfield
Energy prices are set to soar, so it’s more important than ever to make wise choices about the home you buy, the suppliers and tariffs you choose and the way you live. Kay Hill offers some advice
development in Swindon – delivering one of the greenest communities in the UK with all 239 homes hitting EPC A-rating. We all need to play our part in delivering high-quality homes that are fit for the future. We will be sharing all our learnings and plans, helping developers commit
There is no getting away from the fact that gas and electricity are becoming more and more expensive. The energy price cap – the amount companies are allowed to charge per kWh on a standard variable tariff – will rise by 54% on 1 April, meaning an average increase of £690 a year on bills (more if you’re a heavy user) and a further 47% rise is predicted for October.
LEARN YOUR EPC Whenever a home is sold or rented out, the owner must obtain an Energy Performance Certificate (EPC) which gives a rating from A down to G according to how energy efficient the property is, and tells you what improvements would need to be made to move to a higher band. It is already illegal to let out a property with an F or G-rating, and the Government has plans to force
80
landlords to upgrade to a C in the next couple of years. There are also plans to make homeowners improve their property to at least a C if they want to sell after 2035. Yet according to a recent study by Nat West, only 15% of house hunters think it is essential that their new home is a C or above – meaning that a lot of buyers will inadvertently find themselves walking into a new home that will be costly to heat and may require expensive upgrades before they can move longer term. At present, three in five homes for sale have a D rating or worse, according to research from Rightmove, and, even more worryingly, 1.7 million homes across England and Wales are deemed impossible to upgrade to a C. You might assume that buying a new home means you don’t have to worry about the EPC, but astonishingly there is no minimum EPC rating requirement.
to a clear roadmap for more a sustainable future. In addition, with more than 1.5 million homes on our mortgage balance sheet, we are also developing new products to help our members make a real difference to the environment by making improvements to existing properties. Together we can tackle the climate crisis and create greener and more sustainable homes. Sara Bennison, Chief Product and Marketing Officer, Nationwide Building Society
First Time Buyer April/May 2022
FTB 80-81 Finance April-May22.indd 80
08/03/2022 16:28
