Residential retrofit: value beyond price
The value of residential retrofit is usually looked at from a cost perspective. At PDP London, we think it’s time to look beyond that. We’re plundering its unquantifiable values — the impact it can have on people, the earth and our places.
Taking capital expenditure and payback out of the equation has highlighted a new yardstick, set in Kate Raworth’s Doughnut Economy. Her framework defines a thriving economy as one that balances ‘the needs of all, within the means of the planet.’ Residential retrofit sits in the sweet spot between comfortable and sustainable housing: rethinking our homes to meet the needs of inhabitants within the limits of the earth’s resources.
Residential retrofit’s value can be seen in the health, comfort and happiness that it affords a building’s occupants. When we retrofit a building, we allow its residents to meet their energy needs more efficiently and responsibly. These measures can support good physical and mental health, creating environments with healthy air temperatures, humidity levels, air quality.
“The action of introducing new materials, products and equipment into an existing building with the aim of reducing the use of energy of the building.”
While energy-efficient homes most immediately benefit the underprivileged in terms of health and running costs, the luxury residential market needs to be more of a leader with the sustainability narrative. In their 2020 ‘Sustainability in Luxury Survey’, Walpole and McKinsey revealed that 90% of brands identify sustainability as a top-five priority for their businesses. As consumers and businesses across the luxury sector call for social responsibility through sustainability initiatives, it’s time for the property sector to take heed.
Retrofitting is a one of the ways for the luxury sector to play its role in the climate change emergency. By 2050 the UK will have to cut its greenhouse gas emissions by 80%. Almost 40% of those emissions come from buildings in use. When we retrofit, we make buildings super-efficient: focusing on their fabric first, reducing energy demand by metaphorically wrapping it up with a thermal blanket. By getting clever with our energy source (i.e using re-newables) we can aim toward removing all reliance on fossil fuels.
Retrofit also holds a value in terms of maintaining those buildings that form a part of our cultural identity. As a London based firm, we are experts in reusing and transforming extraordinary buildings of social merit. This isn’t just about being resourceful and reusing existing materials. It’s about retaining the places that make up our city’s history, and that inspire the character of its communities. We must bring these homes back to life; for the sake of our cities, our earth and its people.
PDP London supports Retrofirst, an AJ campaign to prioritise retrofit over demolition and rebuild.