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The property industry can’t afford not to adapt to climate change


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The property industry can’t afford not to adapt to climate change

https://www.citymetric.com/business/property-industry-can-t-afford-not-adapt-climate-change-4679

Quote

A valuable asset

Research at Northumbria University has examined this situation in relation to international real estate. The global value of real estate is estimated at $217trn – that’s roughly 2.7 times the GDP of the entire world. Of this, $162trn worth is residential, $29trn worth is commercial and $26ttrn worth is agricultural land.

A conservative estimate is that global real estate consumes 40 per cent of global energy annually and accounts for more than 20 per cent of international carbon emissions. So it’s hardly surprising that international agencies have identified real estate and the built environment as key contributors toward global warming and a major target of international efforts to reduce greenhouse gas emissions.

One of the most comprehensive approaches to reducing building energy use can be seen in the European Union (EU). A 2010 directive on energy performance made it mandatory for all European properties to hold an energy performance certificate and monitor energy use from heating and air conditioning. The government of England and Wales has used these energy performance certificates to enforce minimum standards of energy efficiency for privately rented family homes and commercial properties.

Since April 2018, any commercial property with an energy performance rating below E (that is, those properties with F and G ratings) has been deemed illegal to let (although there are some exemptions related to maximum cost of improvements). By 2020, the plan is for these same rules to apply to residential property – which includes shared homes, nursing and care homes and blocks of flats.

A less daunting prospect

In England and Wales, it is estimated that 10 per cent of residential property stock (worth £570bn) and 18 per cent of commercial stock (worth £157bn) does not meet these minimum standards. If these properties are not retrofitted to become more energy efficient, they will become obsolete and lose value, since the owners will no longer be allowed to let them....

"At present, the construction & property industries have no adaptation plan to tackle climate change"

https://www.arcc-network.org.uk/wp-content/D4FC/Adapting_buildings_to_climate_change_execsummary.pdf

 

 

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3 hours ago, Saving For a Space Ship said:

The property industry can’t afford not to adapt to climate change

https://www.citymetric.com/business/property-industry-can-t-afford-not-adapt-climate-change-4679

"At present, the construction & property industries have no adaptation plan to tackle climate change"

https://www.arcc-network.org.uk/wp-content/D4FC/Adapting_buildings_to_climate_change_execsummary.pdf

 

 

Like the car industry it will be an excuse to (try to) jack up prices.

To me the ford focus is the typical working class/middle class car. If they had something similar to the inflation basket of goods for cars if be surprised if they didn't use the focus.  

In 2010 the cheapest ford focus cost £11.6k. Today the cheapest ford focus costs £20.5k. According to the BoE inflation calculator Inflation ran at around 3% for that time so a base level focus should now cost around £15k. Wage inflation has been pretty much nil in the same period. 

Generally people blame safety and emissions standards for these increases. Like the house builders the car industry have done a sterling job of obfuscating the true cost of a car with repayment schemes, contributions, loans, part exchange scheme, scrappage schemes etc.

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Above, agree. Climate change? whatever

Mark Carney was slagging off pension fund managers invested in fossil fuels the other day, what a prat, the sooner he goes the better. Not only has he blown up our housing market, he is not neutral politically making stupid comments like these and even getting involved in brexit with his made up reports against it that proved to be pure fiction.

Edited by bear.getting.old
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14 hours ago, regprentice said:

Like the car industry it will be an excuse to (try to) jack up prices.

To me the ford focus is the typical working class/middle class car. If they had something similar to the inflation basket of goods for cars if be surprised if they didn't use the focus.  

In 2010 the cheapest ford focus cost £11.6k. Today the cheapest ford focus costs £20.5k. According to the BoE inflation calculator Inflation ran at around 3% for that time so a base level focus should now cost around £15k. Wage inflation has been pretty much nil in the same period. 

Generally people blame safety and emissions standards for these increases. Like the house builders the car industry have done a sterling job of obfuscating the true cost of a car with repayment schemes, contributions, loans, part exchange scheme, scrappage schemes etc.

 

Presumably they sold lots of Focuses at 11k. And they’ll sell fewer at 20k. Why would they need ‘an excuse’? Surely credit loosening plays a bigger role than an emissions conspiracy. 

In all other aspects manufacturers seek to bring down prices in order to sell more, unless the items are luxury in which case exclusivity is more valuable.

And why shouldn’t safety and emissions standards improve? In a free marketplace where manufacturers compete to sell their products they need to be able to advance technology and promote it accordingly. I like having ABS and airbags and getting better mileage to the gallon. Why would anyone prefer to stop this progress?

7 hours ago, bear.getting.old said:

Above, agree. Climate change? whatever

Mark Carney was slagging off pension fund managers invested in fossil fuels the other day, what a prat, the sooner he goes the better. Not only has he blown up our housing market, he is not neutral politically making stupid comments like these and even getting involved in brexit with his made up reports against it that proved to be pure fiction.

So the housing market was flat before he came along? 

What exactly did he say about these poor little pension fund managers!? Perhaps you should write to his mummy so he can have a telling off - sounds like a right bully and needs a spanking. Hope they didn’t cry too much.

All future casting reports are made up. And surely they pertained to the post-Brexit environment, one which we have yet to see? In which case you need to wait a good while before talking about ‘pure fiction’.

 

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1 hour ago, PeanutButter said:

Presumably they sold lots of Focuses at 11k. And they’ll sell fewer at 20k. Why would they need ‘an excuse’? Surely credit loosening plays a bigger role than an emissions conspiracy. 

In all other aspects manufacturers seek to bring down prices in order to sell more, unless the items are luxury in which case exclusivity is more valuable.

And why shouldn’t safety and emissions standards improve? In a free marketplace where manufacturers compete to sell their products they need to be able to advance technology and promote it accordingly. I like having ABS and airbags and getting better mileage to the gallon. Why would anyone prefer to stop this progress?

ABS and airbags are almost 50 years old (they both went into production cars in the 70s according to Wikipedia), and my new car doesn't get a noticeably different mpg to my 10 year old car (43 mpg for a new 1.5l seat leon vs 40mpg for a 10 year old 1.4l Honda jazz). 

I've had some real problems with the 'advanced safety features' of my Leon. The car has autonomous emergency braking which is mandatory under EU regulations. On twisting farm roads, especially those with a tall hedgerow, the car detects oncoming turns as if they were a brick wall in the way of the car. For tight turns it's constantly trying to do an emergency stop when I'm turning into the corner and it's positively dangerous. Seat tell me they can't disable it, though I can go into the options and switch it off which will be reset at the start of every journey, though this is only intended to get me to a garage. 

Credit loosening is an interesting argument. Certainly car manufacturers are hiding the 'true' price of their cars behind a 'low' monthly on the forecourt price signs. Being cynical when I see car manufacturers raising their prices in unison across segments and see them working in engine and technology sharing agreements it looks like a pricing cartel to me

What particularly worries me about the increase pricing is that when electric cars come in in force that will be another excuse to increase prices and I dont see a single manufacturer I think will care about introducing a cheap reliable family electric car for roughly the kind of price a family would expect to pay today for a petrol equivalent - but if the government wants wide scale adoption of electric cars then that's what they need. 

Edited by regprentice
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5 hours ago, regprentice said:

ABS and airbags are almost 50 years old (they both went into production cars in the 70s according to Wikipedia), and my new car doesn't get a noticeably different mpg to my 10 year old car (43 mpg for a new 1.5l seat leon vs 40mpg for a 10 year old 1.4l Honda jazz). 

I've had some real problems with the 'advanced safety features' of my Leon. The car has autonomous emergency braking which is mandatory under EU regulations. On twisting farm roads, especially those with a tall hedgerow, the car detects oncoming turns as if they were a brick wall in the way of the car. For tight turns it's constantly trying to do an emergency stop when I'm turning into the corner and it's positively dangerous. Seat tell me they can't disable it, though I can go into the options and switch it off which will be reset at the start of every journey, though this is only intended to get me to a garage. 

Credit loosening is an interesting argument. Certainly car manufacturers are hiding the 'true' price of their cars behind a 'low' monthly on the forecourt price signs. Being cynical when I see car manufacturers raising their prices in unison across segments and see them working in engine and technology sharing agreements it looks like a pricing cartel to me

What particularly worries me about the increase pricing is that when electric cars come in in force that will be another excuse to increase prices and I dont see a single manufacturer I think will care about introducing a cheap reliable family electric car for roughly the kind of price a family would expect to pay today for a petrol equivalent - but if the government wants wide scale adoption of electric cars then that's what they need. 

Buy a vagcom cable I can tell you how to turn it off for good.?

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Not the will or the manpower to enforce improvement of domestic homes high energy loss levels........does a landlord care how much their tenants spend and/or waste on energy via their poorly insulated properties, no vested interest for them to invest into improving and upgrading their cash and pension income investments.....not their income they are wasting.;)

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In the 1980s I was scared sh1tless about 2 things...climate change or nuclear war destroying the world by the time I was an adult. Dire predictions of the earth warming 3-5 degrees by 2000 were made in 1984. The article below from 2004 predicted apocalypse by 2020 due to climate change. It’s got to be the biggest rolling scam in history, and the green new deal, which all Western countries will be forced to adopt at some point, and which these kinds of forced changes to housing will form a part, is the latest iteration.

Guardian climate change article from 2004 predicting apocalypse by 2020.

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35 minutes ago, winkie said:

.....energy companies want us to use more fuel and spend more on fuel...that is their business......when we fix our homes thus using less energy they will increase the prices.;)

 

As replacing just one 50Watt halogen spotlight in your kitchen with a 5Watt LED equivalent could save you over £15 a year (just one bulb!) but produces the same amount of light.

Did the energy co's put their prices up after the intro of such bulbs ?

If energy prices go up will consumers not be encouraged to pay for enery saving measures ? 

From your previous post re: lack of enforcement,  this appeared in April.

MEES one year on: no enforcement proceedings in first 12 months

https://www.egi.co.uk/news/mees-one-year-on-no-enforcement-proceedings-in-first-12-months/

'Disappointing and unsurprising': No landlords 'named and shamed' for breaking fuel poverty rules

https://www.businessgreen.com/bg/news-analysis/3074293/disappointing-and-unsurprising-no-landlords-named-and-shamed-for-breaking-fuel-poverty-rules

Edited by Saving For a Space Ship
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On 31/12/2019 at 13:36, Saving For a Space Ship said:

"At present, the construction & property industries have no adaptation plan to tackle climate change"

Fat chance of that happening. The current rules allow them to get away with putting one solar panel on the north facing roof and then claim their product is 'green'.

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1 hour ago, HovelinHove said:

In the 1980s I was scared sh1tless about 2 things...climate change or nuclear war destroying the world by the time I was an adult. Dire predictions of the earth warming 3-5 degrees by 2000 were made in 1984. The article below from 2004 predicted apocalypse by 2020 due to climate change. It’s got to be the biggest rolling scam in history, and the green new deal, which all Western countries will be forced to adopt at some point, and which these kinds of forced changes to housing will form a part, is the latest iteration.

Guardian climate change article from 2004 predicting apocalypse by 2020.

I wish there were more like you - who can admit that, quite reasonably, they believed the scare stories.  Rather than double-down, change the date by 30 years and simply throw ad-homs at anyone who question the narrative, you had enough character to admit they got one over on you! I believed it too, years ago.

"Fool me once, shame on you.  Fool me twice, shame on me!"

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11 minutes ago, winkie said:

I seem to remember the old filament bulbs use to be cheap two or three for £1.....the new energy saving LED longer lasting cost pounds, sometimes £5 or more for one bulb.....?

I bought 4 normal size 40w equivalent bayonet led bulbs in the poundland shop for £1 each last week.

Though web article said the cheap ones may only last a year, so best spend £1 or more each for better quality

https://www.thegreenage.co.uk/a-buyers-guide-to-choosing-the-right-led-lighting/  

Edited by Saving For a Space Ship
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17 hours ago, Saving For a Space Ship said:

So by defining Dwellings as the most valuable 'non-financial' asset in the UK at £5.5 trillion, accounting for 62% of the UK’s total net worth at the end of 2015, it avoids a stress test ??

if I understand correctly .....madness

Quote

The total net worth of the UK was estimated at £8.8 trillion at the end of 2015.

This was equivalent to an average of £135,000 per person or £327,000 per household. Estimates of UK total net worth more than tripled between 1995 and 2015, an increase of £6.0 trillion.

This was equivalent to an average increase of £87,000 per person.

Dwellings remained the most valuable non-financial asset in the UK at £5.5 trillion, accounting for 62% of the UK’s total net worth at the end of 2015.

Dwellings increased in value by £355 billion (7%) between the end of 2014 and the end of 2015.

https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/bulletins/nationalbalancesheet/2016estimates

Edit

I just found this article, referring directly to property prices 

BoE to explore the financial risks posed by climate change and the impact on property prices

https://developmentfinancetoday.co.uk/article-desc-7677

2nd edit:

https://developmentfinancetoday.co.uk/article-desc-7677

BOE to conduct climate stress test: ‘Traditional construction methods will be relied upon less,’ claims broker

Quote

The paper explains that commercial and residential property prices would reflect the costs of climate-related damage to the housing stock.

Household income and corporate profits metrics would also be expected to be adjusted to reflect the cost of repairs to property and disruption to corporate supply chains. 

In addition, the Bank of England has highlighted physical risks — which arise from the increasing severity and frequency of climate and weather-related events — as something which could “severely damage” property and other infrastructure.

The paper stated that these events “disrupt business supply chains, impact agricultural output and, more broadly, can lead to loss of life and migration”.

also re: carney 

Quote

“Carney is taking on the role of UN special envoy for climate action and finance after he steps down from the Bank next month. His main focus will be on mobilising private finance to invest in schemes that will help achieve the Paris goal of limiting g…” https://gu.com/p/dvaqx/stw

 

Edited by Saving For a Space Ship
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On 01/01/2020 at 08:47, PeanutButter said:

And why shouldn’t safety and emissions standards improve?

I generally find any improvements past the point where I become satisfied with the levels at best absurd, at worst unpleasant. You shouldn't need to ask why, even if you don't agree.

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16 minutes ago, Riedquat said:

I generally find any improvements past the point where I become satisfied with the levels at best absurd, at worst unpleasant. You shouldn't need to ask why, even if you don't agree.

Well you can always just have an old car. You don’t need to halt all progress simply because improvements annoy you, surely?

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22 minutes ago, PeanutButter said:

Well you can always just have an old car. You don’t need to halt all progress simply because improvements annoy you, surely?

Can't live in isolation, and old cars don't last forever. I'm stuck with a world changing in a direction I find increasingly unpleasant whether I like it or not, it's possible to avoid some of it but by no means all. The human race seems hell-bent on treating itself with utter scorn and begging for machines to nanny it.

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23 minutes ago, PeanutButter said:

Oh no wait, make that flood proof housing...

 

Good thing this sort of stuff will never ever affect us here on good old HPC forum.

Flooded Again - Time To Build Thousands Of Floating Houses

https://www.housepricecrash.co.uk/forum/index.php?/topic/207551-flooded-again-time-to-build-thousands-of-floating-houses/page/3/

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