Zero carbon homes up to £500,000 will be exempt from stamp duty until 2012, the Chancellor has announced.
Gordon Brown says the government has been consulting with major banks and building societies to encourage them to create a new market – mortgages for immediate capital investment in energy efficiency which cuts consumption and cuts bills.
The government will offer grants of £300-£4,000 to pensioners who install insulation and central heating in their homes; from next month microgeneration grants for homes will increase by 50% to £18m; and until 2012 all new zero carbon homes up to £500,000 will be exempt from stamp duty.
Brown is calling for a European-wide decision to reduce the VAT rate to 5% on energy saving products in the home.
The government is also launching the first stage of a new shared equity competition to increase affordability for first-time buyers.
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