We don't just have a housing crisis, we have a green housing crisis

The need for 'low impact building', through both 'retrofitting' older properties with new technologies and new builds, is urgent.

The UK has some of the oldest and leakiest housing and property stock in the world. At the same time we have a stiff target of reducing carbon emissions (by 34% by 2020 from a 1990 base). Sounds gloomy, but this giant problem could also be a saviour in revivifying the UK economy. 'Greening' the world's buildings is going to mean big business for those firms with the right skills and knowledge. Not just builders but the whole supply chain, from architects and product designers to lawyers and plumbers. Estimates put the market for low carbon building technologies in our region, the West Midlands, at around £1.7 billion.

The need for "low impact building", through both "retrofitting" older properties with new technologies and new builds, is urgent. Those carbon targets, rising energy prices and some looming legislation (from 2016 all new housing needs to "zero carbon", and from 2018 the Energy Act makes it unlawful for landlords to lease residential or commercial buildings with an Energy Performance Certificate rating of an F or G), makes change inevitable. And yet the response from industry and landlords is still hesitant and limited.

A clear commitment is needed from Government. A coherent and consistent regulatory and legislative landscape for sustainable building needs to be in place to secure the issue, to reassure everyone involved that schemes like the Green Deal are not a fad but the new reality of property development and home ownership. UK industry in particular needs to be given the necessary confidence that demand for refurbishment products and renewable and low carbon technologies is ongoing, that all the investment in research and development is worthwhile, and that recruiting and training a new legion of experts and installers makes sense.

SMEs are a missing link. With the ongoing recession in construction you'd expect firms of all sizes to be chasing the new opportunities but instead smaller firms are reluctant to make any investment in new approaches and up skilling when budgets are tight; large contracts remain out of reach, and potential partners are put off by their lack of green technology know-how. But the potential remain huge for those firms willing to commit themselves to the low impact buildings market, and provide an important supply chain of innovative sustainable approaches and solutions for the big contractors. To make this happen firms need to get advice and support to make the change. For example, in the West Midlands - where construction and related firms have seen the biggest decline - Coventry University is running the Sustainable Building Futures (SBF) project for small to medium sized businesses to help them make themselves competitive for the future (until June 2015). Co-financing from the University and the European Regional Development Fund (ERDF) means the help is all provided free for eligible organisations.

There is still a skills and knowledge issue in the UK. There are question marks over whether the quality of installation of new technologies can be guaranteed, and with products available at reasonable cost and sourced from UK suppliers. Higher Education has a role in embedding the training requirements for these 'new' skills into existing programmes, as well as being a source of informed opinion on new technologies and their suitability.

The scale of the "greening" project facing us in the coming years means the UK is well-placed to become the expert. Learn some lessons and get the offering right and there's no reason we can't play an important role on a world stage.

Photograph: Getty Images

Professor Mark Gaterell is the director of the Low Impact Building Centre at Coventry University

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I was wrong about Help to Buy - but I'm still glad it's gone

As a mortgage journalist in 2013, I was deeply sceptical of the guarantee scheme. 

If you just read the headlines about Help to Buy, you could be under the impression that Theresa May has just axed an important scheme for first-time buyers. If you're on the left, you might conclude that she is on a mission to make life worse for ordinary working people. If you just enjoy blue-on-blue action, it's a swipe at the Chancellor she sacked, George Osborne.

Except it's none of those things. Help to Buy mortgage guarantee scheme is a policy that actually worked pretty well - despite the concerns of financial journalists including me - and has served its purpose.

When Osborne first announced Help to Buy in 2013, it was controversial. Mortgage journalists, such as I was at the time, were still mopping up news from the financial crisis. We were still writing up reports about the toxic loan books that had brought the banks crashing down. The idea of the Government promising to bail out mortgage borrowers seemed the height of recklessness.

But the Government always intended Help to Buy mortgage guarantee to act as a stimulus, not a long-term solution. From the beginning, it had an end date - 31 December 2016. The idea was to encourage big banks to start lending again.

So far, the record of Help to Buy has been pretty good. A first-time buyer in 2013 with a 5 per cent deposit had 56 mortgage products to choose from - not much when you consider some of those products would have been ridiculously expensive or would come with many strings attached. By 2016, according to Moneyfacts, first-time buyers had 271 products to choose from, nearly a five-fold increase

Over the same period, financial regulators have introduced much tougher mortgage affordability rules. First-time buyers can be expected to be interrogated about their income, their little luxuries and how they would cope if interest rates rose (contrary to our expectations in 2013, the Bank of England base rate has actually fallen). 

A criticism that still rings true, however, is that the mortgage guarantee scheme only helps boost demand for properties, while doing nothing about the lack of housing supply. Unlike its sister scheme, the Help to Buy equity loan scheme, there is no incentive for property companies to build more homes. According to FullFact, there were just 112,000 homes being built in England and Wales in 2010. By 2015, that had increased, but only to a mere 149,000.

This lack of supply helps to prop up house prices - one of the factors making it so difficult to get on the housing ladder in the first place. In July, the average house price in England was £233,000. This means a first-time buyer with a 5 per cent deposit of £11,650 would still need to be earning nearly £50,000 to meet most mortgage affordability criteria. In other words, the Help to Buy mortgage guarantee is targeted squarely at the middle class.

The Government plans to maintain the Help to Buy equity loan scheme, which is restricted to new builds, and the Help to Buy ISA, which rewards savers at a time of low interest rates. As for Help to Buy mortgage guarantee, the scheme may be dead, but so long as high street banks are offering 95 per cent mortgages, its effects are still with us.