According to a new poll conducted by Countrywide Surveying Services, an overwhelming 94% of brokers are yet to ‘sell’ a green mortgage product. In addition, 92% of surveyors in the audience reported that they are still yet to value a property with an EPC rating of A.
These responses emerged at Countrywide Surveying Services’ regular webinar series with this particular session focusing on a panel discussion around the question - Green Mortgages: Are these the carrot or stick needed to improve overall ESG in the UK housing market?
Almost 200 people actively engaged with the session, with the audience consisting of lenders, brokers, surveyors and other property professionals. The panel included Charlie Blagbrough, Mortgage Policy Manager at the Building Societies Association, Robert Stevens, Head of Property Risk at Nationwide Building Society and Emma Harvey, Programme Director at the Green Finance Institute who joined Ana Bajri and John Baguley from Countrywide.
Further polls were taken during the webinar around what is being done to address challenges in improving energy efficiency in homes.
The audience responses highlighted a real drive from people to improve energy efficiency, with 46% personally seeking to carry out improvements in the next three years to make their homes more sustainable. CSS also asked the audience how they thought the majority of home improvements will be funded to make existing housing stock more sustainable. The majority of respondents’ highlighted government funding as being a key source (53%) followed by mortgage or second charge lending finance (24%).
Panellists also agreed there is currently limited understanding of public obligations and what is coming down the track in terms of legislation and incentives.
Matthew Cumber, managing director of Countrywide Surveying Services, said: “As always, the outcome of these polls present some interesting insights from a broad range of people across the property and mortgage marketplace and produce responses to reflect on.
“It’s fair to say that a multitude of drivers currently exists for lenders to enter the green mortgage market but this still represents a small piece of the jigsaw and it’s up to us, as an industry, to help a range of potential buyers and homeowners to better understand the energy performance of their homes. In addition, we also need to support intermediaries in recognising the opportunities and potential green mortgage benefits on offer for them and their clients now, and in the future.”
