13 September, Friday, 2024
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HomeSourcestelegraph.co.ukRefund stamp duty as a reward for 'net zero' upgrades, banks urge

Refund stamp duty as a reward for ‘net zero’ upgrades, banks urge

New green standards risk burdening millions with expensive upgrades

Home buyers who upgrade their properties to be more eco-friendly should receive stamp duty refunds worth thousands of pounds, Britain’s banks have told the Government.

Owners will have to pay up to £300bn in upgrade costs to meet the Government’s latest green standards, according to analysis by UK Finance, the banking trade body. 

The cost of upgrading a home has soared as households rush to meet so-called “net zero” targets or risk paying higher mortgage rates in the future. 

Banks warned this would create a group of “climate prisoners”, as properties on the market in need of expensive eco upgrades become less attractive and prospective buyers are punished with higher borrowing costs. 

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