Five actions we need to help make UK homes more energy efficient
One of our main priorities at Lloyds Banking Group is to help make the UK housing market more sustainable. We’re the UK’s largest mortgage lender, financing around one in five mortgages and lending £14.3 billion to first time buyers in 2022 alone. Over the same period, we’ve helped increase access to quality housing by supporting £2.1 billion of funding to the social housing sector.
Residential housing currently accounts for 16%1 of the UK’s total carbon emissions. While new-build homes are built to much greener standards, if we’re going to reduce those figures by 2050 and meet the Government’s net-zero target, a concerted effort needs to be made by the Government, the private sector and homeowners to address the energy efficiency of older homes.
The UK’s housing stock is diverse, and the vast majority of homes will require a combination of energy efficiency improvements and low carbon heating systems. A wide variety of home retrofitting measures can be undertaken to help with this, such as double glazing, cavity wall and loft insulation, and draught proofing – all of which can reduce heating bills for homeowners. However, some of these improvements can be expensive, and can require green technology installers with specialist skill sets. There’s also the huge issue that many homeowners are simply unaware of their home’s carbon footprint and thus not inclined to make any changes.
These issues present significant barriers to bringing about sustainable change within the UK’s existing housing stock. Although at Lloyds Banking Group we will continue to innovate to support our customers on their retrofit journey, given that housing accounts for 16% of the UK’s total carbon emissions, we can’t achieve this alone. The private sector and homeowners need leadership and support from the UK Government by way of policy, regulation and incentivisation in key areas in order to address these issues and bring about the required change.
"We’re the UK’s largest mortgage lender, financing around one in five mortgages and lending £14.3 billion to first time buyers in 2022 alone."
Mortgage Director, Lloyds Banking Group
Andrew Asaam is a banking professional with over 25 years' experience working in financial services.
During this time he has covered a number of areas including M&A, multi-year change, credit risk and P&L ownership. Andrew is currently the Mortgages Director for LBG covering all brands and channels.
During his career he has held various leadership roles including Director of Mortgage and General Insurance at Virgin Money and as Credit Risk Director at TSB looking after all retail and business banking products.
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