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Stamp duty plan for energy efficient homes

Friday 13 October 2017

Minister for Climate Change, Claire Perry, has suggested that stamp duty could be reduced on homes where sellers have improved energy efficiency.

As the Government plan for all UK homes to secure at least a band C energy efficiency rating by the year 2035, minister Claire Perry has floated the idea that reduced stamp duty costs could be used to incentivise owners to improve the eco-credentials of their properties.

When asked whether stamp duty was a specific incentive under consideration, the minister said: “Yes it is and that would be one of the incentives to do it. We also need to look at building regulations and new building regulations to see what more needs to be done there.”

She continued: “What we also need to know is at the moment there is no value if you go to take out a mortgage or indeed to remortgage your property for the sorts of energy efficiency improvements that actually mean your ability to pay that mortgage is better.”

Ministers are already developing measures to improve energy efficiency for homeowners, and the government is set to introduce new Minimum Energy Efficiency Standards (MEES) regulations for homes being let in the private rental sector from next April.

Some industry figures however, believe this latest suggestion could be a way of government responding to those campaigning for stamp duty reform, without being seen as easing a duty which hits high value properties most.

Nevertheless, unless the government can cut emissions as a whole, they will fail to meet climate change laws - as part of the Climate Change Act, the government needs to cut CO2 emissions by 57 per cent from 1990 levels by 2050.

The current proposals are part of the government's long-delayed Clean Growth Plan and are anticipated to be published shortly, in which, the government will define how it aims to reduce carbon emissions across the whole economy.