Energy cost spike causing green home improvement interest

Published on

The Coventry Building Society has found that homeowners are looking to make their homes more efficient in light of the continuing energy crisis.

Over half of the 2,000 homeowners surveyed by the mutual said that they are thinking of making their homes greener as a result of the recent rise in energy prices. This would equate to around seven million homeowners in the UK.

Reducing energy bills was the number one motivation for making green home improvements with eight out of 10 homeowners choosing this option, while four in ten said they wanted to contribute to a more sustainable planet.

Kevin Purvey, director of mortgage distribution at Coventry Building Society, said: “Homeowners have clearly been moved by the ongoing energy crisis to look at making their homes more energy efficient.

“Cost is a huge barrier for homeowners when it comes to making energy efficient improvements. Mortgage lenders are taking steps to do their bit, but the government needs to step in with a plan to get the whole industry moving in the right direction. We think that the proposal from the Green Finance Institute should be seriously considered by the Chancellor as part of his Budget plans.”

The Green Finance Institute has called for an energy-adjusted Stamp Duty Land Tax (SDLT) to drive demand for energy efficiency works and further support the UK’s green home finance market. This is supported by Coventry Building Society and six other UK mortgage lenders.

The society recently launched its Green Together Reward, which offers a £500 reward for borrowers to carry out work that aims to improve their property’s energy efficiency.

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...