Enables IFAs in Bishop’s Stortford read that only one in six homeowners are planning to improve the energy efficiency of their property in the next five years. Perhaps it is no surprise that the Energy Efficiency Infrastructure Group (EEIG), made up of industry and consumer representatives, has been urging ministers to offer tax breaks to encourage buyers to opt for greener homes.
If you are taking out a mortgage and considering all the attendant costs perhaps being green is not at the top of your list. The group found that just 13% of UK homeowners strongly considered the energy efficiency of their homes at the point of purchase.
But the EEIG proposes, under a green stamp duty incentive the that homes with the best energy efficiency ratings would be subject to lower tax. They believe this would offer a bit of encouragement for improvements. Homebuyers who carry out works to upgrade the efficiency of their home within 24 months of purchase would be able to claim a rebate for some of their stamp duty bill.
“Even with worries about energy supply, rocketing energy bills, and climate change in the press daily, it’s clear from our research this isn’t prompting the magnitude of demand for home energy performance improvements necessary to solve these problems,” says EEIG spokesman David Adams.
“It will also encourage people to start thinking about potential improvements to their homes at the time of purchase and plan to realise the rebate.” He said. “It’s necessary that this type of policy is adopted rapidly to be fair to homeowners and to give the government the chance to reach its target of a 78% reduction of UK greenhouse emissions by 2035.”
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage