Sustainability And The Value Of Residential Properties

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In order to provide a basis for the dissertation, this chapter will review the existing knowledge pertaining to sustainability and the value of residential properties by evaluating the following objectives: • Understanding sustainability • Understanding the UK policy framework with regards to sustainable features in property and the impact of such legislation on property • Analysing the role of sustainability in the residential property market • Determining the incentives and barriers to implementing sustainable features in refurbishment • Analysing the effect that sustainable features have on the value of property Understanding Sustainability Climate change has become one of the world’s most important issues. Research spanning several…show more content…
There are a number of different definitions of sustainability; the most accepted being that of Brundtland (1987) as cited in Opoku and Ahmed, 2015, pg 56: “Meeting the needs of the present without compromising the ability of future generations to meet their own needs… A process of change in which the exploitation of resources, the direction of investment, the orientation of technological development, and institutional change are all in harmony and enhance both current and future potential to meet human needs and aspirations” (Brundtland 1987:43). In order to tackle climate change, the world’s leading economies, including the UK, adopted the Kyoto Protocol in Japan in 1997 (United Nations, 1998). The aim of the Kyoto Protocol is to lower greenhouse gases (GHG) and as a consequence the UK committed to reducing their levels of carbon emission by 12.5% since 1990 and has succeeded to reduce them by 27% by 2011 (CCC, 2016). In 2008 the UK government instigated the Climate Change Act 2008, the purpose of which is to create a framework to reduce carbon emissions as per the Kyoto Protocol. The key provisions of the Climate Change Act 2008 were the reductions of GHG by 80% by 2050 and of CO2 emissions by 26% by 2020 compared to the baseline in 1990. As a consequence of these legislations, further steps have been taken by the government to ensure both residential and commercial properties reduce
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