The cost of living will rise significantly for many this year, thanks to rising energy bills and National Insurance hikes in April which will see m
The cost of living will rise significantly for many this year, thanks to rising energy bills and National Insurance hikes in April which will see millions of Britons out of pocket. Ofgem’s price cap will also be raised in April 2022 to combat soaring global gas prices. These price hikes will be passed on to the consumer, which means many Britons could see their bills rise by as much as 30 percent in the spring.
A recent study from Cornerstone Tax, who are stamp duty experts in the UK, unveiled that 45 percent of homeowners have looked into making their home more energy efficient but found it too expensive without Government support.
In the UK, homes are responsible for a fifth of the total of the UK’s carbon dioxide emissions, prompting the government to pledge that by 2035 every residential property should have an EPC rating of C or above as part of its long-term plan to tackle climate change.
It is estimated however that 30 percent of homes in England and Wales are still rated E, F or G.
A new landmark study from Cornerstone Tax has found that whilst making homes more energy efficient is a priority for homeowners – with 36 percent of homeowners thinking that making their home more energy efficient is a priority for them in 2022, many are finding the price of doing so a major obstacle.
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The study found that 45 percent of homeowners have looked into making their home more energy efficient but found it too expensive without Government support.
According to the English Housing Survey, the total cost of upgrading a D-rated home is estimated to be nearly £6,500.
The easy option for upgrading a home to become more energy efficient would be to buy a new-build property, with government figures showing that 84 percent of newly completed properties being given an A or B rating.
Cornerstone Tax’s study found that 45 percent of homeowners would prefer to refurbish or extend their current home rather than move into a new building due to the environmental damage of new buildings as opposed to just 12 percent who are planning to move house to live a greener life.
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This indicates a clear want from homeowners to make their homes more energy efficient, but more help is needed from the Government if they are to reach their sustainability goal by 2035.
David Hannah, principal consultant at Cornerstone Tax discusses homeowners making their home more energy efficient.
He explained how there is a “huge demand” for a more energy efficient household, but there is still a way to go for it to be implemented.
David said: “There’s evidently huge demand for greener homes.
“However, homeowners have grown connections to their current properties and want to stay there.”
Homeowners are choosing to refurbish their current home rather than move to a new property.
David continued: “It’s great to see homeowners all over the UK wanting to make their homes eco-friendlier but are unfortunately encountering problems with the price of doing so.
“Perhaps in the future the Government can provide much needed support to homeowners who are looking to refurbish their home to make it more eco-friendly.”