This is according to mortgage lender, Coventry Building Society, which has estimated as many as seven million homeowners were looking at upgrading their property’s energy efficiency status.
In a survey of 2,000 homeowners, more than half said they were thinking of making their homes greener as a result of the recent hikes in wholesale energy prices, which have already seen a number of providers go bust and look set to send utility bills soaring this winter. Coventry said this would equate to seven million homeowners.
But while reducing the cost of energy bills was the number one motivation for making green home improvements, many also wanted to contribute to a more sustainable planet.
Kevin Purvey, director of mortgages 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.”
The Green Finance Institute has called for an energy-adjusted Stamp Duty to drive demand for energy efficiency works and further support the UK’s green home finance market. Coventry Building Society along with six other UK mortgage lenders is supporting the campaign.
Kevin added: “We think that the proposal from the Green Finance Institute should be seriously considered by the Chancellor as part of his Budget plans.”
Coventry Building Society is one of several lenders which offers incentives to its borrowers for making energy improvements to their home. It 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.
Find out how to make green improvements to your home, and also add value, here.
