Landlords Looking To Go Green?
(Posted on 04/05/21)
At Ashton & Grosvenor, we work closely with local landlords, and we know the challenges they face in their everyday business.
We know landlords are looking for ways to improve the service they give to tenants, and improve their business. For many letting industry professionals, environmentally-friendly solutions are likely to be part of how they run their business moving forward.
This is something we have seen in speaking with local landlords, and it is also prominent in national studies.
Green solutions help landlords and tenants
According to research carried out by Mortgages for Business, 60% of landlords state they are interested in mortgages which reward energy-efficiency improvements at their rental property.
Jeni Browne is the director of Mortgages for Business, and said: “Much of the UK’s housing stock is very energy inefficient, making our homes a major source of greenhouse gas emissions. Improving the energy efficiency of the UK’s stock of housing is a priority in the fight against climate change.”
Jeni continued by saying; “A green mortgage means that, once they can confirm they have a revised energy rating for their property, the right lender will recalculate their mortgage rate at a discount. There are various mortgage products out there but the best are applied on completion of an energy efficiency project and applied for the lifetime of a mortgage. Given housing accounts for such a significant chunk of the UK’s carbon emissions, it’s great that landlords are so interested in making greener choices - spurred on, no doubt, by the fact landlords are rushing to upgrade their properties to meet new EPC rating rules by 2028. Whatever the reasons, landlords now appear interested in joining the battle to combat climate change. That hasn’t always been the case."
Opinion is changing in the industry
The survey spoke to more than 300 landlords in the UK, and it represents a significant change in landlord attitudes.
Jeni Browne, explains: “We started trading in 1990 and the findings of our poll match our experience of the market over the last 30 years. Landlords’ attitudes have changed dramatically, particularly in the last decade. Landlords should be interested in these products though - quite apart from the ethical considerations, green mortgages reward landlords with a lower rate when they shrink their carbon footprint.”
The findings suggest it is more mature landlords who are looking to benefit in this way, with the survey suggesting:
66% of landlords aged 45 or older are in favour of green mortgages
50% of landlords under 45 were interested in green mortgages
There have been some green mortgage products announced this spring, so landlords who are keen to manage their rental accommodation in this way, have options.
We offer a range of property and letting services to landlords in Chester, including tailored options which ensure you receive the best support at all times. If you would like to arrange an appointment to help you negotiate the local property or buy-to-let market, please contact Ashton & Grosvenor today by calling us on 01244 318 115 or emailing us at email@example.com.