Stamp duty may rise if properties not energy efficient

By on 27th July in Uncategorized

The new coalition Government is considering raising stamp duty on home-buyers if their properties are not energy efficient.

This is one of many plans from the Government to cut greenhouse gas emissions by 34 percent of their 1990 levels within the next 10 years.

The latest stamp duty idea could see home-buyers pay £1000’s in additional finance if their home is deemed to be energy inefficient, has badly insulated windows, poor loft installation and inefficient boilers.

Green Home

 The policy change would be introduced within the Governments Green Deal – a vastly funded scheme of £90 billion with the aim to cut fuel bills of homes within approximately 14 million homes.

The Green Deal will offer various benefits to the householder. This includes a free green upgrade or improvement by energy companies, local councils or DIY chains from 2012. The investment towards the home improvements will be claimed back from the savings made on energy consumption.

This proposal came to light last month from the Green Investment Bank Commission – this was originally setup by labour last year.

Report author Bob Wigely, chairman of the Yell Group quoted “Ultimately either implementing penalty rates of stamp duty for a house purchased where the buyer does not implement available energy efficiency measures or setting minimum standards on properties, will be required.”

Chris Huhme, UK Energy Secretary spoke about government plans for the Green Deal at the Economist UK Energy Summit on the 24th June:

Alongside investment in new energy infrastructure, we need to reduce overall energy demand. So let me now turn to the Green Deal – our way of expanding the energy mix to a fourth resource.

Energy saving is the cheapest way of closing the gap between demand and supply, yet it is the Cinderella of the energy ball. On the near horizon, energy saving will mean smart meters and smart grids that can give consumers control over their appliances – for example ensuring that fridges power down during temporary price surges.

This will take time to develop. But there is also much we can do now. To date we have heard too much talk and too little action.

Britain has on average some of the oldest housing stock in Europe, much of it built in the era of cheap coal – but that’s no excuse. Why have we kept building inefficient homes?  We have been locking in waste, which is why my colleague Grant Shapps, the Housing Minister, is moving quickly to toughen building standards.

Most of the homes we will use in 2050 have of course already been built. That is why we have big plans for the Green Deal. It will be my department’s flagship bill for this first session. Its aim is a radical overhaul of our existing homes to save energy, carbon and costs.

At the moment, we may as well be burning £50 notes outside our front doors. We use more energy per home than does Sweden.  And this waste cannot be ignored, because households account for a quarter of all carbon emissions.

This is another area which can help drive economic recovery. The market is big. There are currently up to 14 million homes in the UK which could benefit from insulation under the Green Deal. We are working on the package for each home, which could unlock tens of billions of spending in the coming years.”

For the full quote please click here: http://www.decc.gov.uk/en/content/cms/news/Energy_Summit/Energy_Summit.aspx

Since Anglian launched Solar Thermal and Photovoltaic earlier this week we’ve seen and reported yesterday an unprecedented level of interest from homeowners who are keen to invest in improving their homes with the very latest in energy saving, revenue generating and environment considerate technology. 

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