A minister has floated the idea that stamp duty could be reduced on homes where sellers have improved energy efficiency.
Climate Change minister Claire Perry has told a BBC interview that the reduced duty could be an incentive to owners to improve the eco-credentials of their properties.
Perry says it is an objective of the government for all UK homes to secure at least a Band C energy efficiency rating by 2035 and that ministers are developing measures to make that happen.
When asked whether stamp duty was a specific incentive under consideration, she 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.”
The government is already introducing new regulations - Minimum Energy Efficiency Standards, or MEES - for homes being let in the private rental sector from next April.
Some industry figures 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.
“Is this the first movement on SDLT as they try to find a way to reduce the impact without losing face?” asked Peter Mackie, senior partner at buying agency Property Vision, in a social media posting.
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Well that's a huge shock. I didn't see that one coming given the fact that the government insisted on keeping EPC's even though nobody looks at them. No doubt council tax will follow suit
This will probably cause the market to stagnate even more as people will struggle to sell lower rated properties.
I doubt his is more than an off the cuff one liner.
I saw this coming a long time ago. It may open a can of worms though, with pressure being applied on EPC assessors by vendors keen to get into a better SDLT band.
The rental market is seeing the big stick in the form of the Minimum Energy Efficiency Standards (MEES) and now we are going to see the sales market encouraged to improve ratings........ 8 years ago I wrote a lengthy article and spoke at length re this and a properties EPC rating being directly linked to council tax! It coming!
Make sure that you have an up to date EPC irrespective of selling or letting!
If your an active (pro-active) Estate or Letting agent you shouldn’t see this as a negative impact...... in fact completely the opposite! We can show and evidence how this can 1) Be turned in to a solid revenue stream and 2) Make you stand head and shoulders above your competitors.
Yet another dumb idea, stamp duty is about a tax on wealth / asset value so to link it to energy is really sensible!. Why don't they learn, the more they mess about with property and the more stupid schemes they come up with the more it backfires...
I agree and yet again another hair brained scheme that would potentially hurt those that simply can't afford to improve the efficiency of their homes, those in listed homes where little can be done etc etc, this goes on....
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