Stamp Duty refunds for energy efficient homes
Government Pressed to Grant Stamp Duty Reimbursements for Energy-Efficient Dwellings
A consortium of distinguished financial institutions and mortgage intermediaries has launched an impassioned appeal to the Chancellor of the Exchequer, urging the implementation of fundamental reforms to Stamp Duty Land Tax (SDLT) in the forthcoming Autumn Budget. These proposed modifications aim to enhance property energy efficiency whilst simultaneously reinvigorating the notably sluggish housing market.
The influential coalition, comprising several cornerstone institutions of British lending—namely the Mortgage Advice Bureau, TSB, Leeds Building Society, and Coventry Building Society—has advanced a comprehensive proposal centred on SDLT reimbursements. These would be extended to property purchasers who undertake retrofitting works to achieve an Energy Performance Certificate (EPC) rating of C or above on their newly acquired homes.
The collective maintains that such a financial inducement would render energy-efficient improvements more economically viable for the average homeowner, whilst simultaneously advancing the United Kingdom’s ambitious net zero aspirations and injecting much-needed vitality into the property sector, which has recently experienced considerable headwinds.
In a thoughtfully crafted statement, Ben Thompson, who serves as deputy chief executive at the Mortgage Advice Bureau, elaborated: “Our correspondence with Her Majesty’s Government reflects our earnest desire to foster collaborative efforts across the sector to expedite improvements in energy efficiency throughout Britain’s residential property stock. Such measures would yield manifold benefits, not merely for homeowners and tenants through reduced energy expenditure and diminished carbon footprints, but equally for the broader economy, enhancing its sustainability and resilience.
“The establishment of a more energy-efficient property market holds the potential to catalyse substantial investment in environmentally conscious technologies, generate meaningful employment opportunities, and accelerate our nation’s transition away from fossil fuel dependency. We strongly implore the Chancellor of the Exchequer to give due consideration to these SDLT reforms, which we believe could simultaneously advance both our economic prosperity and environmental preservation objectives.”
Offering additional perspective on the collaborative missive, Steve Griffiths, who holds the position of chief commercial officer at The Mortgage Lender, provided extensive commentary: “Whilst not presenting an insurmountable obstacle, the task of decarbonising our residential sector undeniably poses considerable challenges. Achievement of our established targets necessitates substantial support and capital investment from both industry stakeholders and governmental bodies. We are particularly gratified to be collaborating with numerous lending institutions and intermediaries to elevate this crucial matter and ensure its prioritisation within governmental considerations, especially as we approach the Chancellor’s Budget announcement at the month’s conclusion.
“One simply cannot dispute that the creation of a more energy-efficient housing stock represents the morally correct course of action, yielding benefits for both current and future generations. However, we maintain that innovative and creative solutions must be developed and implemented to achieve these objectives.
“In the current economic climate, both landlords and owner-occupiers face unprecedented financial pressures, from escalating energy costs to potential increases in taxation. Consequently, it is absolutely imperative that any mandated property modifications remain financially viable and are appropriately incentivised. We eagerly anticipate receiving more detailed insights into the government’s strategic vision for the sector, whilst remaining committed to fostering industry-wide collaboration in pursuit of our shared energy efficiency objectives.”
The proposal comes amidst growing concerns about the environmental impact of residential properties and mounting pressure on households to address rising energy costs, particularly in light of recent market volatility and inflationary pressures affecting the British economy.
Northants EPC offer Energy Performance Certificates throughout Northampton and the surrounding villages.
We also offer Energy Performance Consultations, with a full report on the energy performance of your property and a working plan to improve your rating.
To book and EPC or for further information contact us anytime.
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