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With the General Election fast approaching there’s no doubt new levelling up pledges will soon make their way through Parliament. In light of this, Sarah cox, partner at Carter Jonas, examines current progress in Leeds. 

When the Levelling Up and Regeneration Bill was published just over two years ago, the draft legislation – originally heralded in the 2019 Conservative Party manifesto as the answer to economic imbalances across the UK – was received with scepticism in the context of political hiatus and the Chancellor’s announcement of ‘eye-watering’ and ‘painful’ austerity. So in the days before a General Election, how successful has Levelling Up proved to be?

The levelling up objectives revisited

Following the sooner-than-expected enactment of the legislation in October last year, it is interesting to consider to what extent the Levelling Up and Regeneration Act (LURA) has met, or has potential to meet, its objectives.

The levelling up agenda began with twelve missions to be achieved by 2030: increased pay, employment and productivity; public investment outside the south-east; London-style public transport connectivity across the country; nationwide broadband; fixing the education gap; skills training; narrowing the life expectancy gap; increasing wellbeing; decreasing inequalities; a rise in first-time homebuyers; crime reduction, and devolution in England.

I am pleased to say, tentatively, that the Act has facilitated the potential to make a real difference here in Leeds.

While the majority of these objectives are yet to be met, the most important building block in now in place – devolution. Public transport connectivity is finally becoming a very real possibility and this (combined with other initiatives and investment) is set to result in economic growth.

Transport-led regeneration

In March this year, the strategic case for West Yorkshire’s Mass Transit Phase 1 was considered by West Yorkshire Combined Authority (WYCA). The proposal maps the first of four phased corridor projects to be delivered by 2040. These are East Leeds, South Leeds to Dewsbury, Bradford to Leeds and Bradford to Dewsbury. Over time, it is intended that the new tram network will extend further, to Pontefract, Wakefield, Halifax and Huddersfield.

The creation of a greener, more inclusive and better connected transport system will undoubtedly support economic development. The benefit to the business community, specifically those business located on the new routes, will be considerable. And so too will be impact on local communities: it is projected that 675,000 people within the top 20% most deprived communities within West Yorkshire will benefit from significantly improved public transport.

There have been some concerns about the proposed route, primarily that it does not link the airport and other some neighbourhoods which were crying out for better connections. But hopefully this is just the start of a longer term investment in the region – which, overall, is pleased to finally have a strategic transport proposal.

An investment in economic growth

Another key component in Leeds’ journey towards levelling up is the announcement in the March Budget of A vision for Leeds: a decade of city centre growth and wider prosperity.

Again the product of WYCA, together with Leeds City Council and the Department for Levelling Up, the document, the proposals include:

• A new Leeds Transformational Regeneration Partnership, bringing together national, regional and local government to deliver the vision and unlock the delivery of up to 20,000 new homes
• Plans for transformational regeneration across six key city centre neighbourhoods: Mabgate, Eastside & Hunslet Riverside, South Bank, Holbeck, West End Riverside and the Innovation Arc
• Investment in transport infrastructure to revolutionise connectivity across West Yorkshire
• Recognition of cultural anchor institutions for regeneration and growth in Leeds, including the British Library North and National Poetry Centre

These proposals are at an early stage. But are good news for our city and wider region because they clearly recognise its substantial untapped potential.

Carter Jonas has been closely involved in several of the projects referred to in the Government document, including the Old Medical School, a Grade II* listed Victorian building which is being redeveloped following the opening of a new pathology lab at St James’ University Hospital and The British Library North, which aims to deliver a new 8,000m2 British Library facility in a Grade I listed building, Temple Works, within the South Bank area of the city. We look forward to seeing the benefit of these, and other schemes as development inevitably picks up pace.

Addressing the housing crisis

In common with most of the country, West Yorkshire has a housing shortage. This has been compounded by frustrations within the planning system which have stalled development and impacted affordability, both in the sale and rental sectors.

But the commitment to deliver up to 20,000 new homes is genuinely deliverable, partly because communities the north are generally in favour of suitable, sustainable growth. Furthermore, the Mass Transit system will open up new inner city brownfield sites and make out-of-town schemes more viable, while also giving landowners greater confidence in releasing land for development.

The importance of devolved decision-making

There is no question that the West Yorkshire Combined Authority will be the main facilitator of economic growth. One of the key components of ‘levelling up’, devolution has strengthened the powers of the WYCA. In May 2021, Tracy Brabin was elected Mayor of West Yorkshire and together, the Mayor and WYCA have already demonstrated that they can provide the comprehensive overview necessary to enable region-wide discussions, joined up thinking and a strong force with which to lobby Government.

So is levelling up being delivered in Leeds?

The announcements to date are just a small step in the long process of bringing greater prosperity to the north. But devolution, a transformative public transport system and funding for homes, neighbourhoods, cultural investment and a regeneration partnership are the blocks upon which levelling up can succeed in the medium to long term.

Invariably there will be challenges, not least in relation to inadequacies in the planning system and a severe shortage in local authority funding. But 2024 has already seen some significant commitments to the north’s untapped potential and I look forward to it being realised.

Images: Gary Butterfield

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Despite inflation rates reaching the 2% mark the Bank of England have confirmed interest rates will remain at 5.25%.

Figures published by the Office of National Statistics (ONS) yesterday show inflation has fallen to 2% as a result of food prices increasing at their slowest rate since July 2021. In addition, officials added that core inflation, which executes volatile elements such as food and energy prices, fell to 3.5% in May.

Whilst this news seems positive on the surface, Martin Sartorius claimed many households will still experience squeezed budgets. When the inflation figures were released, Sartorius claimed it could encourage the bank of England to ‘cut interest rates’ but added ‘rate-setters will still need to weigh the fall in headline inflation against signs that domestic price pressures, such as elevated pay growth, are proving slower to come down.’

However, today at 12 noon officials from the Bank of England confirmed interest rates will remain at 5.25% – the highest they’ve been since the financial crash in 2008.

The decision from the Bank came as data from ONS found services inflation was 5.7% in May, which was only a reduction of 0.2% from April. Although the news will be welcomed by savers, it will come as a huge blow to people who are already struggling to pay back their mortgage loans and those who need to refinance their loans over the next few months.

In addition, analysts have revealed that prices for food, energy, clothing and rents are all around 20% higher than they were three years ago and for some, mortgage payments have doubled. The latest research from the Joseph Rowntree Foundation – a charity working to help people facing poverty – shows five million families on the lowest incomes have had to go hungry or cut back on food so they can afford household bills. The charity also found that seven in 10 low-income households in the bottom 20% were going without essentials in May this year.

On a more positive note, experts from the Bank have hinted at an August cut. A report from the Monetary Policy Committee (MPC) read: ‘As part of the August forecast round, members of the committee will consider all the information available and how this affects the assessment that the risks of inflation persistence are receding.’

The news of inflation and interest rates has come just two weeks before the next General Election and, for the first time, British households are poorer in real terms at the end of a Parliament than they were at the start in 2019.

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National property consultancy Carter Jonas has secured planning and listed building consent on behalf of a private landowner for the conversion of a range of redundant farm buildings into seven houses.

One of the main reasons planning consent was granted was due to the schemes positive approach to heritage preservation and design. A manor house, of which the garden adjoins the site – which lies within the Horningsea Conservation Area and is adjacent to the Green Belt and open countryside – is Grade II listed and therefore the farm buildings are ‘curtilage listed’, meaning Class Q permitted development rights (for change of use from agricultural to residential) did not apply.

Screenshot

Furthermore, under Policy Section 11 of the South Cambridgeshire Local Plan, residential development, even in the form of redevelopment, in Horningsea is normally restricted to two units.

What’s more, news of this new development has come just as planning red tape has been slashed for farmers. New planning rules have been implemented to make it easier to convert unused farm buildings into new homes, farm shops and gyms.

However, not everyone has been in favour of the new plans. The planning application was recommended for refusal by the council’s planning officers although the planning committee were supportive of the scheme and the Parish council lent it’s support.

The local ward councillor requested that the applications should be determined at planning committee rather than delegated to officers. As a result, and following substantial support from local residents and neighbours, the recommendation for refusal was overturned and the committee voted unanimously in favour of the project.

Colin Brown, head of planning & development at Carter Jonas in Cambridge said: ‘It is rare for committee members to overturn officers’ clear recommendations for refusal. So when it does occur, it is a real triumph.

‘With a local and national housing crisis worsening by the day, good quality conversions such as that proposed here should not be passed by lightly. While this example highlighted contradictions in local planning policies, I very much hope that planning officers will have regard to it in securing the optimal use of redundant agricultural buildings in the future.’

Tim Jones, head of rural at Carter Jonas, added: ‘Our client is delighted that the planning committee of South Cambridgeshire District Council took the trouble to consider the planning application in detail and understand its real benefit.

‘The farm buildings are no longer fit for their original purpose, and we are all delighted that they can now be converted to high quality homes for people to enjoy.’

Construction is due to commence on site by the end of the year and the scheme is anticipated to complete within 12 months.

Image: Carter Jonas 

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Ahead of the General Election Places for People have conducted new research which shows almost two thirds of the UK population would welcome new housebuilding within five miles of their home.

The UK’s leading social enterprise, Places for People, polled 4,000 people from a balanced mix of housing circumstances, financial income, age and sex to understand what the public want to see from the next government in regard to housing.

Experts, who published the research earlier this week, discovered 63% of the people surveyed are supportive of new affordable and social housing in their area, but 58% are concerned about the strain it would put on local services. As a result, 71% claimed there should be more upfront investment in local infrastructure projects, such as schools, doctors’ surgeries and hospitals so they can accompany new properties.

However, whilst the research highlighted what the public want to see from the government it also outlined regional variance in attitudes. Individuals living in areas with higher house prices – such as people from the South East and South West – were found to be more likely concerned about the strain new housebuilding would put on existing services. In contrast, devolved nations were the least likely to be worried about the impact.

Likewise, people who rent were less likely to be concerned about infrastructure delivery (63%) than those who own their own home (76%).

Commenting on the research, Dinny Shaw, head of planning at Places for People, said: ‘There is a clear appetite for not only new housebuilding, but new communities from the UK public.  We want to create thriving new communities, along with community infrastructure, but this cannot be done without deliverable planning permissions.

‘Before we talk about a housing crisis, we have a planning crisis, and it’s getting worse.  Only 21% of Local Planning Authorities adopted a Local Plan in the last 5 years.  In the last 12 months only 10,406 sites were granted planning permission, the lowest number since 2006, and it’s taking an average of 28 weeks for any proposal to make it through the system.

‘Long term, we need a clear framework in place that unlocks more land for new homes and delivers planning consents needed to support future growth in housing delivery.’

Shaw added that in the short-term, ‘we need to see a new government invest in local planning authorities, set a clear direction and policy framework to speed up decision making, and invest to unlock sites that are caught up in viability issues.’

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Planning, by its very nature, concerns the future. As such, it could be argued that those afforded the greatest influence in planning should be those with the greatest stake in the future – the young. 

When the government announced ambitious long-term plans for London, Cambridge, Leeds and other urban areas last July (and made further funding commitments in the Spring Budget), it was immediately apparent that that plans for growth must include a younger representation.

With the average age of a first time buyer being 34, most buying their first home on these new settlements and urban extensions will be at primary school today. Some are not yet born; others may be old enough to contribute to the vision for their city – but do they feel empowered to do so?

There is undoubtedly a need for younger voices in planning discussions, especially considering that new homes tend to attract a younger demographic, and yet the planning applications for that much-needed housing are frequently defeated by planning committees – committees more often than not comprising an older, home-owning demographic, potentially with a vested interest in resisting house building as a result, maintaining high house prices.

The problem is that the planning system simply isn’t set up to engage with those who are not yet on the housing ladder – which tends to be the younger demographic. For many under 35, the prospect of home ownership seems so distant that they are unlikely to engage with the planning process or shape future proposals for residential development. .

This is partly because young people, especially those who are renting, tend to be more mobile. They will not necessarily buy in the area in which they are currently renting, which further reduces the likelihood that they will take part in discussion on development proposals. Figures from the RTPI state that the majority of those who engage in planning are aged over 55; that response rates to a typical pre-planning consultation are around 3% of those directly made aware of it, and for Local Plan consultations, the number is even lower, at less than 1% of the population.

There are many practical reasons for this lack of engagement among the young. For example, planning committees tend to be held during the day when most are at work or caring for children; information about planning applications and consultations is often confined to notification letters sent to existing neighbouring residents and notices in local newspapers – not the headlines which might possibly appear on social media but instead, the small ads which are located towards the end of the print editions – and readership of all newspapers in the UK dropped by two thirds between 2005 and 2021, according to Statistica.

There is so much progress to be made. Councils’ requirements of consultation should go beyond newspaper advertisements, posters on lampposts and communication with parish councils, for example. Technology offers an alternative and an opportunity for a broader reach, but even so, the average Facebook user is now in their 30s. TikTok and other social media platforms may be the means by which many young people engage online, but has such social media ever been used successfully to publicise a planning consultation?

A further issue is that the planning system is skewed towards existing homeowners who are more likely to object to an emerging development proposal or local plan, as they are often directly affected due to their proximity. Neighbour notification letters sent to existing properties close to a

development proposal, a small notice in a local newspaper, or consultation with a parish council are unlikely to reach beyond existing local residents and garner any support. Those most in need of new housing are unlikely to be the recipient of a neighbour notification letter, so how can they be expected to be aware and offer support for a development?

It is a factor of all feedback mechanisms – from restaurant reviews to planning consultations – that those more likely to make an effort to respond are those with a strong objection, rather than those accepting of or indifferent to proposals. Furthermore, a planning system disinclined to elicit responses naturally exacerbates this situation and skews perceptions. Letters of support to local planning authorities, either in relation to development proposals or emerging Local Plans, are few and far between and are typically significantly outweighed by the volume of objections.

The ability of the planning system to reach younger people has traditionally lagged behind that of other sectors despite the fact that young are those most affected by the changes. Perhaps these is an opportunity for the planning and development sector to learn from other sectors, and the large scale city visions present the ideal opportunity to put this into practice.

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Cheltenham Borough Council have given the greenlight for Taller Developments to construct a ‘Bond-villain lair’ style home on a derelict reservoir.

Proposals for the site include developing the redundant former Severn Trent Water subterranean reservoir into a contemporary six-bed home. The property will sit below the surface of the existing buried structure and will be accessed via the existing access point to the site, from Leckhampton Road.

On the surface, plans for the new property replicate that of a Cluedo home – it is set to include five bathrooms, a kitchen, dining room, living room, gym, games room, study and a wine store and that is just the inside. Outside, the plans continue with a swimming pool, outdoor seating area, external courtyards along with a garden, pond and three space garage.

Cheltenham Architects Panel meeting agreed the design was interesting but have claimed some amendments were needed before they would be willing to except the full scheme.

Martin Horwood, ward councillor, has also expressed concerns about the new plans. He has expressed concern over the risk a new access point would cause to highways safety, though he also acknowledged it is an impressive design.

‘I’ve heard it compared to a Bond-villain lair, which may be a bit unfair, but honestly I would rather have that than a boring box,’ Wood said. ‘I also appreciate the efforts made to adapt to both the unusual setting and the landscape particularly through the use of green roofs.’

Wood added: ‘My main concern is about road safety. Sports bikes and cars descend the hill very fast and there have been multiple accidents here.

‘There’s a real risk of someone being killed or injured.’

According to the Local Democracy Reporting Service (LDRS), the scheme has been in the making for the past two years and has involved proactive engagement with the planning and highways authorities.

Gary Dickens, of LDRS, has also assured people the development will not have any greater impact on the Green Belt or Cotswold area of outstanding natural beauty (AONB) as it will sit within an existing structure.

Image: Taller Developments 

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1,900 new homes, green spaces and shops are all set to be included in the new development of the Teviot Estate in Poplar, London.

The Hill Group, an award-winning housebuilder, and Poplar HARCA, a housing association in East London, are working together to deliver the regeneration scheme which is set t cost around £800m. The development will include around 1,900 new homes with 35% affordable, new open green and play spaces, shops, community and faith facilities, alongside improved infrastructure.

Due to be delivered over four stages, the partnership has submitted an outline planning application covering what is to be expected from each stage. Phase one is set to deliver 475 homes, 45% of which will be affordable. Subject to approvals, the project is scheduled to start on site at the end of 2025, with the first homes expected to be completed by 2028. The entire project is forecast to be completed by 2042.

The masterplan for the project, designed by leading architects BPTW, covers eight hectares and offers a wide range of homes from studios and apartments to family houses. The regeneration will feature new shops and commercial spaces, as well as a new multi-use community centre. New infrastructure and public realm design focuses on creating safer streets with better pedestrian routes to Langdon Park station and a new foot-tunnel under the A12, with enhanced lighting and CCTV to help reduce anti-social behaviour.

So far, the regeneration has already invested over £400,000 to local projects through the Teviot Community Chest Fund. Over its 15-year duration, the initiative is set to generate over £278 million in social value, which covers a wide range of community projects. such as a new pontoon on the Limehouse Cut Canal, planned to open later this year that will increase community access to water sports.

Andy Hill OBE, group chief executive at The Hill Group, said: ‘The regeneration of Teviot is going to change the lives of thousands of residents, bringing high-quality homes and improved wellbeing. The community has been at the heart of the plans since conception and we are committed to delivering on our promises to residents, collaborating to create an improved neighbourhood for all. We know that people not only want better quality, energy-efficient homes, but also improved access to jobs, more support for young people and less fear of crime, so we are pleased to reach this important milestone in rewriting the future for this community.’

Paul Dooley, director of regeneration and development at Poplar HARCA, added: ‘I am really pleased to reach this significant milestone for this important regeneration scheme. It is one step closer to delivering more affordable homes and community facilities for Tower Hamlets residents.

‘In partnership with The Hill Group, the project has already made a real impact in terms of social value. Local residents have been instrumental in shaping these plans and we are committed to making sure this exciting programme of regeneration reflects the things that matter most to them.’

Image: The Hill Group

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Councils have relied on housing revenue accounts to help boost their decent homes standard. However, Campbell Tickell, discusses that since the standards of homes have increased, should these accounts still be considered useful?

“Should we re-open our Housing Revenue Account?” (HRA) This question is one which many local authorities that have previously sold their housing stock via stock transfer (and hence closed their Housing Revenue Account) have been grappling with over the past few years. From the work we have undertaken over recent years with a number of councils considering re-opening an HRA, the answer would have to be: “it depends”.

Why consider it?

Many – probably the majority – of stock transfers occurred more than 20 years ago. They took place for a variety of reasons, but most often were driven by the desire to achieve the decent homes standard by unlocking investment from housing associations that councils simply couldn’t afford.

Fast-forward to the present day and things look a little different. A combination of fire safety requirements, net zero-carbon targets and underperforming repairs services mean stock investment needs are higher than ever. These and other current dynamics mean there is a trend for acquisitions and mergers among housing associations to try to achieve ever-improving economies of scale. As a result, it is becoming increasingly likely that connections between local authorities and the organisations to which they transferred their housing stock have fractured, with a sense of a loss of control over how social housing can best be used to meet local conditions and needs.

Add to this the pressures being felt by councils in respect of the use of high-cost temporary accommodation to meet homelessness needs, as well as pressures on children’s services and adult social care budgets – both of which typically come with a degree of need for some form of housing solution – and it is clear that a joined-up, housing-led solution could be seen as being an attractive proposition. When you take into account the lifting of the cap on HRA borrowing in 2018, and the (still) relatively cheap borrowing available from the Public Works Loans Board (PWLB), it is easy to see why many local authorities consider re-opening an HRA to help address these challenges. So what are the next steps and considerations for those that are keen?

Regulatory issues

It should be noted that a local authority could develop/acquire and hold up to 199 new council homes within the powers set out in Part II of the Housing Act 1985 (the 1985 Act) or Section 74(1) of the Local Government and Housing Act 1989 (the 1989 Act) without actually opening an HRA. This is provided a “direction” is obtained from the Secretary of State to waive the requirement to maintain an HRA (usually a formality). The requirement to establish an HRA would come into force once the number of properties owned reaches 200 or more.

Opening a new HRA is a pretty straightforward process, requiring little in the way of formal regulatory approval. It does, however, come with the burden of a regulatory framework which has been increased by the expansion of the Regulator of Social Housing’s remit to cover stock-holding local authorities, initially in respect of the application of the Rent Standard to council rents, but now also covering the application of Consumer Standards.

Financial issues

Financially, the HRA is a ring-fenced account within the General Fund (GF), which broadly means that rental income cannot be used to help fund non-HRA activity. Also, GF resources cannot be used to support HRA activity – the HRA should be to all intents and purposes self-financing. This includes being able to meet any financing costs of new borrowing undertaken to fund HRA acquisitions/developments. From previous experience, this gives rise to one of the key potential barriers to opening an HRA to own and operate new council housing: that of financial viability.

Cashflow is key to any new organisation, particularly during the early years of operation, and for a new HRA it will be critical to help ensure regulatory compliance. Under Section 76 of the 1989 Act, the council has a duty to “prevent a debit balance on the HRA”, i.e. avoid the account going into deficit. An organisation with a very small amount of stock – such as a local authority with an embryonic HRA – will need to be able to recover its overhead costs (i.e. its democratic and central support costs), in addition to its operational costs and any debt financing costs from the income arising from a small stock base.

To ensure long-term viability, it will be vital to achieve a critical mass of properties as soon as possible: i.e. a stock base of sufficient size to enable economies of scale in respect of overheads to improve viability. The size of this critical mass will vary depending on the circumstances of the local authority, but in order to achieve this we have found that a ready supply of developable land is important.

Alternative solutions

Given the potential financial challenges, a key question is: why use an HRA over other options? Alternative solutions include:

• Entering into an arrangement with an existing housing provider for them to develop new housing, perhaps on land provided by the council. While this could achieve a similar outcome, it would be at the cost of the degree of control able to be exercised by the local authority
• Establishing a new housing provider for the purpose of owning and operating new social housing. This could be a relatively lengthy process compared to establishing a new HRA, as well as potentially being a more expensive process, and also more expensive to operate as a separate stand-alone company
• Setting up wholly-owned companies to own and operate sub-market housing. Again, this could potentially be a more expensive option to operate as a stand-alone company

Councils considering any of these options would need to consider the relative risks and rewards in determining its strategy going forward.

No single answer

If there is sufficient land and resources available to enable a critical mass of social homes to be achieved, then a new HRA could potentially be made to work – but cashflow is key. It may not be the right solution for every council, and one or more of the alternatives could provide a more effective solution.

Ultimately there is no single answer to the initial question of whether or not to re-open an HRA. One size does not fit all, and, as we said at the outset, the decision will very much depend on the individual set of circumstances for each local authority.

As well as being published on NewStart this article was featured in the latest CT Brief – Issue 71.

Images: rivage and nattanan23

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The leading national bank have joined forces with Hometree who have raised £250m of debt financing to help homeowners install solar panels, battery storage systems and heat humps into their properties.

Through patterning with Barclays, Hometree – the leading residential energy services company – has created the ‘pay as you save’ programme, which is designed to help homeowners sustainably upgrade their home. Through the scheme, people can take out loans to fund the installation of solar panels, battery storage systems and heat pumps.

The idea of a loan in the current climate is frightening to say the least, with interest rates being the highest since 2008. However, Hometree’s scheme offers zero-deposit payment options that are designed for the domestic renewable energy market.

In addition, various homeowners will be able to ‘pay as they save’, with the forecasted savings they make through reduced energy bills exceeding their monthly payments from day one.

Arguably the introduction of this scheme couldn’t have come at a better time. Although energy bills have fallen since their peak in April and October 2022, research shows they are still 59% higher than winter 2021/2022. As a result, consumer interest in renewable energy systems is at an all-time high with over 220,000 heat pumps and solar installations taking place in UK homes in 2023, a record-breaking increase, according to data from MCS.

Despite increased demand, green energy solutions are still out of reach for many households. The average cost to install solar and battery systems is £13,600, and £12,700 to £31,500 for air source and ground source heat pumps. According to new figures from LCP Delta, 28% of solar panel customers used high-interest personal loans or credit cards to fund the installation, which risks adding further strain on household budgets.

Commenting on the news of the new programme, Simon Phelan, CEO and founder of Hometree, said: ‘Many homeowners naturally want to invest in renewable technologies but are put off by the extraordinarily high upfront costs. That’s why we’re focused on removing barriers to help more households take control of their energy bills and carbon emissions. We’re delighted to be working with Barclays to help us develop and scale flexible finance solutions with all-inclusive cover built-in, to enable homeowners to make the switch to clean, green energy with confidence.’

Matt Boyes, Co-MD of Hometree Finance, added: ‘The UK has some of the world’s most expensive homes to heat and power and it is costing homeowners dearly. Yet until now, there hasn’t been an easy, affordable way to finance the green energy upgrades that will benefit homeowners’ wallets and the planet. This new partnership with Barclays means it will be just as easy to install solar panels or a heat pump as it is to lease or buy a new car on finance.’

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