Stamp duty may rise for en­ergy loss

Yorkshire Post - Property - - PROPERTY -

The Govern­ment is con­sid­er­ing rais­ing stamp duty on en­ergy in­ef­fi­cient homes with old heat­ing boil­ers, draughty win­dows or in­suf­fi­cient loft in­su­la­tion.

Un­der the plan, any­one buy­ing a house with a poor En­ergy Ef­fi­ciency Re­port rat­ing would have to pay an ex­tra 0.5 per cent on top of their stamp duty bill.

But if they up­graded the prop­erty within a short time of mov­ing in, they would be re­funded dou­ble the orig­i­nal penalty.

The ini­tia­tive could be in­tro­duced in two years’ time as part of the Govern­ment’s “Green Deal”.

A more rad­i­cal pro­posal ef­fec­tively ban­ning own­ers of prop­er­ties with the low­est en­ergy ef­fi­ciency rat­ings from putting them on the mar­ket un­til they have up­graded them is thought to have been re­jected by min­is­ters as it could “trap” the least well off in homes they are un­able to sell.

Steve Lees, di­rec­tor at, says: “En­ergy-ef­fi­ciency is fast be­come a pre-req­ui­site for UK home­own­ers and buy­ers and these pro­pos­als by the Govern­ment to pe­nalise those buy­ing poorly in­su­lated homes will greatly high­light the ben­e­fits of buy­ing a new build prop­erty and avoid stamp duty penalty charges. Those re-sell­ing new homes will also have an ad­van­tage and could com­mand higher ask­ing prices.”

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.