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.