Workshop insight: developing an agenda for valuation of sustainable homes
Future Homes Hub • 28 November 2022
Purpose: to develop an agenda to better understand the benefits of energy efficient and sustainable homes, so they are recognised in the home buying process
Chairs: Adrian MacDiarmid – Barratt Developments
Date: Thursday 24 November
Who participated:
Future Homes Hub
Home Builders Federation
Countrywide Surveyors
Esurv Surveyors
Connells Surveyors
Sesame Bankhall Surveying Services
L&G Surveying Services
Nationwide Building Surveyors
Lloyds Banking Group
What we covered
We looked at the range of future specifications for Net Zero homes and discussed:
- how these might be interpreted in valuation guidance and lender policy,
- what we might collaboratively do to promote a greater understanding of the benefits, risks and opportunities
- what simultaneous changes in environmental design and performance of new homes will influence how homes are valued
- what the current relationship between pricing and energy efficiency is and how this might develop
- who the key stakeholders are that could support this and how they might be engaged
We reviewed the objectives for the valuation working group which are to:
- map the key stakeholders in the homebuying process (including for example for customers, lenders, surveyors, builders, warranty providers, media, brokers, mortgage distributors, Government, trade bodies, RICS)
- identify where the information and training gaps are and develop a plan to address those gaps.
- establish the relationship between pricing and energy efficiency
- provide a forum for high level dialogue on the risks and opportunities.
What we agreed to
- develop a 3 year strategic timeline leading up to Future Homes Standard
- consider who the broader stakeholders are and develop a communications plan to support wider engagement and education
- collate research on the value attributed to sustainability
- consider an independently approved value for energy savings
- propose a suitable working and governance structure for the workstream steering group that can drive progress and engage and educate more widely
For further information please contact Harry Briggs.