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Zero-Carbon Homes 
The chancellor’s move to exempt new “zero-carbon” homes from stamp duty may have struck a chord among green campaigners but it has done relatively little to help homebuyers.
Currently there are fewer than 200 of these properties in the country. Zero-carbon homes are energy-efficient houses. They may have better insulation or more efficient electrical equipment. They are also likely to get energy from renewable sources such as solar panels, solar-powered water heaters and mini-wind turbines. Heat can also be generated by woodchip boilers or from underground heat systems. In some areas it is not possible to install enough renewable energy to power homes. In this case, the house can be powered through the electricity grid, but householders pay a green tariff to finance the building of wind farms. The outcome is that these types of homes do not contribute to global warming because they do not use fossil fuels. The stamp duty exemption applies only to new-build properties. Existing properties cannot be converted into zero-carbon homes to qualify for the exemption. Building zero-carbon homes costs around 3 per cent more than conventional homes. New homes today are thought to be around 40 per cent more energy efficient than they were five years ago. Property groups welcomed the move as a positive step for the environment but urged the government to do more to help cash-strapped homebuyers. The chancellor has re-affirmed his commitment to shared equity housing. He expected that more than 160,000 households would be assisted into home ownership through shared equity schemes by 2010. He has also extended the reach of the Open Market HomeBuy Scheme, which allows homebuyers to buy a 75 per cent share in a property. If you require any further information about the services that we provide or would like to review your financial planning position, please contact us |