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According to the Construction Leadership Council (CLC), financial support is available in a variety of ways to suit the ownership profile.
The CLC has laid out the National Retrofit Strategy in the document National Retrofit Strategy which is in its 2nd version with latest publication in June 2021 , a twenty-year blueprint for how the construction industry can work with Government to retrofit the UK’s 28 million existing homes.
A range of financial incentives are proposed to help to build this confidence, including:
Stamp Duty Rebate – A system of variable Stamp Duty rates would see house buyers receive a discount if a property is above a given energy efficiency standard, and an increased rate for properties that perform less well, designed to be fiscally neutral.
Reduced VAT on ‘retrofit-led renovation’ – In order to stimulate demand for retrofit, the Government could extend a reduced 5% VAT rate to cover all general home improvement works (with some eligibility criteria), provided a certain EPC rating was achieved. Consequential improvements will reduce disruption to the household.
Government grants for low-income households – A fuel poverty approach (ECO), should be replaced by direct government grants for whole house retrofits, funded by general taxation.
Low interest loans – These loans should be of sufficient scope and scale to fund the full range of measures necessary for owner occupiers. Adopt a sliding scale of grant to loan ratios.
Green mortgages – The existing mortgage market should be expanded to incentivise increased lending for retrofit measures as well as reduced rates of interest for highly efficient properties. This will also help incentivise retrofit works at the point of sale, minimising disruption to the household.
Help to Fix – Low cost loans to households and potentially landlords, allowing them to improve the general state of repair of the home, but predicated on a requirement for the energy efficiency of the home to be improved.
Council Tax – one off rebates on properties that undergo energy efficiency retrofit, paid for by central Government.
The full document can be viewed here.
The government is investing £12 billion in Help to Heat schemes to make sure homes are warmer and cheaper to heat. This includes the Boiler Upgrade Scheme, Local Authority Delivery Scheme (Sustainable Warmth Competition), Home Upgrade Grant (Sustainable Warmth Competition), Social Housing Decarbonisation Fund (SHDF) and Energy Company Obligation (ECO). This funding is not delivered directly by the government, but through installers, local authorities, energy companies and other bodies.
At HouseBuild, we have gathered the latest support & grants available for England & Wales, Scotland, and Northen Ireland. They can be viewed here in detail and can be downloaded into a printable PDF if you have a HouseBuild Professional account.
Housebuild has a comprehensive resources reservoir for your building, renovating or design project, whatever your need is. Just to name a few below: (Click for access)
*Information source: www.constructionleadershipcouncil.co.uk*
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