Making VALUER crucial to homeowners now and in the future.
Its work will benefit anyone considering investing in refurbishing their home to make it more energy efficient because that investment and the improved performance will be recognised if and when they come to sell. Project partners Rightmove have also been enhancing their digital tools used by mortgage valuation surveyors, supporting them to take energy efficiency into consideration when assessing the value of a home. The VALUER research aims to develop understanding, and demonstrate the emerging difference in value, between low and high energy homes.
Where we’re doing it
As part of the project, new green mortgages and additional borrowing products will be available to two “geofenced” pilot areas in South Wales. This will include new build low energy homes at Parc Eirin in Tonyrefail and also the Eastern High development in Cardiff, as well as existing homes in the area looking to make retrofit energy improvements.
How we’re doing it
To support this work, Monmouthshire Building Society will be the first mortgage lender in the UK to adopt the findings from a previous piece of research known as the “LENDERS” project which was incorporated within UK Government’s Clean Growth Strategy.
Monmouthshire have adapted their affordability calculation tool to reflect actual home energy bills more accurately. This could potentially increase the maximum affordable mortgage by up to £12,000 for a very low energy home when compared to a poorly performing property.
Events
Monmouthshire Building Society Event
On Tuesday the 15th of February, Monmouthshire Building Society hosted a drop in event at their flagship branch in Newport in conjunction with Sero to talk to members and local agents about Energy Efficient Homes.
Lending Operations Manager, Graham Sumsion and Product Development Analyst Chris Jeanes were joined by Sero’s Innovation Manager Cerys Williams for the day.
The team were on hand to answer questions about the Society’s new Energy Efficient Home Purchase Mortgages, options around retrofitting current housing stock and actions we can all take to make our homes more energy efficient.
Those who attended left with a goodie bag and a delicious cupcake as well as a wealth of knowledge on what they can do to reduce the carbon impact of their home, and as the findings of the VALUER project show, potentially increase the value of their home.
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RICS Roundtable Event – 28/02/2022
Luay Al-Khatib, Director of Standards and Professional Development at RICS chaired a stakeholder meeting with BEIS and key partners from the finance and property industry at RICS’ head office in London.
Reviewing progress made by the VALUER project, the attendees discussed consumer behaviour and compiled a list of recommendations on how Government, industry and professions can better coordinate efforts to drive up consumer awareness and appetite for greener homes.
Futurebuild 2022 – 01/03/2022
Tim Cook, Joint Head of Built Innovation, chaired a Green Home Finance: Pioneering Sustainable Lending session showcasing each of the Green Home Finance Innovation Fund projects including VALUER. Attendees learned about current government policy on green finance, innovative finance products to help homeowners make their homes more energy efficient and planned new green finance innovation.
VALUER Family
A collaboration of industry partners leading the way
The VALUER Journey
