B&Q owner and Lloyds urge Hunt to hand out ‘rebate to renovate’

Britain’s largest excessive road financial institution and the proprietor of DIY retailer B&Q are amongst a bunch of corporations urging Jeremy Hunt to help the vitality transition by overhauling the stamp obligation regime for housebuyers.

Sky News has learnt that Lloyds Banking Group, Kingfisher and Santander and E.ON UK, the home vitality provider, have signed as much as the Better Homes Alliance (BHA), a brand new group calling for incentives to drive higher vitality effectivity.

In a letter to the chancellor this week, the BHA mentioned its members’ “shared objective is to empower households across the UK to improve the energy efficiency of their homes”.

It referred to as on Mr Hunt to contemplate introducing a ‘Rebate to Renovate’, which it described as “a stamp duty rebate applied to homes that improve their EPC rating through renovation within two years of a sale”.

“We believe that a carrot, rather than a stick, approach is the only way to encourage homeowners to make the kind of improvements that will start addressing the fact that we have some of the least efficient and carbon intensive homes in Europe,” the BHA letter mentioned.

The newly fashioned group cited analysis exhibiting that greater than £10bn could possibly be saved by owners if their properties had been upgraded to make them extra energy-efficient.

Lloyds is Britain’s largest mortgage lender

Britain’s residential sector accounts for 17% of all carbon emissions within the UK, in line with authorities figures, the letter added.

“This [£10bn figure] is equivalent to an annual saving of £390 for the average household.

“Improving our inventory may add a considerable ‘value premium’ to properties, with Rightmove analysis exhibiting an improved EPC ranking of F to C can add as a lot as £56,000 to the worth of a house above native value progress.

“To address rising costs and energy security concerns impacting households across the UK, and our wider commitments to net zero, it is imperative for households to be incentivised to make improvements to their homes,” mentioned the letter, a replica of which has been seen by Sky News.

The BHA mentioned it will conduct evaluation to indicate why the ‘Rebate to Renovate’ can be more practical than earlier vitality effectivity proposals.

One Whitehall insider mentioned that officers on the Department for Energy Security and Net Zero had already held preliminary talks with Treasury counterparts about such a coverage.

The BHA’s different inaugural members are Santander UK, Knauf, an insulation supplier and the Energy Efficiency Infrastructure Group.

The group’s secretariat operate is being offered by WPI Strategy, a public affairs agency.