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Builders could benefit from green stamp duty plans, says expert
23/07/10
Edited by Andy Jowett. Rumoured government plans to hike stamp duty charges on older, poorly insulated residential property would be unlikely to encourage investment in retrofitting but could provide a boost to the new build market, according to one expert.
Vernon Pethard, founder of newhomesforsale.co.uk, said the reported proposals are "more stick than carrot" and could deter people from going for older houses as it is not always possible to bring them up to the "exacting modern standards" set by builders of modern dwellings.
"These measures may result in more people choosing new [properties] because in addition to being greener, new homes are more economical to own," he said.
Recent speculation has suggested that the stamp duty hike could be introduced alongside the government's Green Deal initiative, which will provide households with loans of up to £6,500 to cover home improvements that enhance the energy efficiency of their property.
The money would be paid back through the long-term savings made on fuel bills.
