How does climate change affect the industry?
Read on to see just a few examples...
The Impact of Climate Change on Selling and Buying Residential Property
With the economic, political, and social focus on climate change advancing, the pressures from this are felt across many industries. Changes to the conveyancing process can be predicted in terms of searches conducted and documentation issues surrounding new technology. Environmental searches are the norm when purchasing a property. This will look into elements such as flooding, gases, contamination, and waste. However, with greater concerns for the environment we can expect these searches to tighten on part of the lender and also greater scrutiny from purchasers who are interested in their carbon footprint. We can also expect that with greater environmental danger from natural hazards such as flooding, searches will become more thorough and stricter at the demand of lenders concerns for the sustainability of their investment.
Amongst these changes, a growing concern for a property’s Energy Performance Certificate (EPC) can be expected. The EPC will reflect the property’s environmental sustainability through determining factors such as insulation, energy efficient light bulbs and construction materials. This may be an area within the property industry in which the government may intervene to increase environmental sustainability across housing. It has been known for the government to form schemes to increase the energy performance of properties such as Green Grants. We are expecting an increase in consideration for these elements within the residential property market.
As a university student with strong ties to the environment and business studies, I keenly research the field and formulate knowledgeable opinions and predictions. I love integrating matters of the environment into business operations and the conduction of business here at Bartrams.