Propertymark: ‘Use Stamp Duty to reach net zero ambitions’

Propertymark has called for Stamp Duty incentives and wider funding to make homes more energy efficient.

It comes as Chancellor Jeremy Hunt set a target of reducing the UK’s energy consumption from buildings and industry by 15% by 2030 based on 2021 levels.

The agency trade body said the property sector has a role to play in this and highlighted that it has been lobbying in favour of financial support to fund energy efficiency measures for some time.

Timothy Douglas, head of policy and campaigns for Propertymark, said: “It’s good to see the UK Government have listened to what we have been saying for some time that improving the poor energy efficiency of homes and businesses is the most effective way of reducing householders’ bills and cut carbon emissions from millions of homes and buildings.

“Existing funding schemes have been poorly targeted so this additional spending pledged by the Chancellor needs to offer real incentives for home owners and landlords to invest in measures that work for their property, and are not based on the idea that one-size-fits all.”
 

The Department for Business, Energy and Industrial Strategy (BEIS) is also currently reviewing how it will deliver the net zero target to ensure it does not place undue burdens on businesses or consumers.

In response to the BEIS review’s call for evidence, Propertymark has said more realistic energy efficiency targets need to be agreed with the sector along with financial support to help achieve them.

It has renewed its call for a national retrofit strategy linked to funding and targets that consider a property's individual characteristics. 

Propertymark suggests Stamp Duty discounts for those who take on and improve low EPC-rated homes should also be explored, claiming this is something that may help bring long-term empty properties back to the market.

It says more needs to be done to promote the environmental and financial benefits to tenants, landlords, homeowners in reducing bills and emissions, and to the wider economy through the creation of more jobs in green industries to deliver the net zero strategy.