Industry body calls for tax incentives to achieve net-zero targets in Northern Ireland

Industry body calls for tax incentives to achieve net-zero targets in Northern Ireland

0:01 AM, 20th December 2023, About 6 months ago

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A leading industry body is urging for adequate funding to implement energy efficiency targets in Northern Ireland.

Propertymark has urged the Department of Finance to consider implementing more realistic energy targets for private rented property and homeowners in the region.

Northern Ireland is gearing up to achieve net-zero-ready standards in all new buildings by 2026/27.

Tax incentives for landlords in Northern Ireland

Propertymark responded to a consultation by the Department of Finance in Northern Ireland which sought information on how net zero targets could be achieved.

According to the Department of Finance, 15% of emissions in Northern Ireland come from buildings.

The industry body is calling for broad financial support and tax incentives to enable homeowners and landlords to retrofit their properties without incurring substantial costs.

Propertymark is also urging the Department to prioritise long-term investment over short-term target setting to limit unintended consequences such as lower numbers of properties built and landlords leaving the market due to high retrofit costs.

Timothy Douglas, head of policy and campaigns at Propertymark, says it’s important that the four nations work together when it comes to energy efficiency targets.

He said: “It’s important to ensure parity with other parts of the UK unless there are substantial reasons where other standards would not be applicable to Northern Ireland.

“This will help create greater standardisation across the UK, improving the efficiency of developers, suppliers and property businesses who work across all UK nations.”

Difficult for landlords to pay for energy efficiency improvements

Mr Douglas continued: “The rising cost of living and interest rates have made it more difficult than ever for landlords and homeowners to pay for energy efficiency improvements.

“This is particularly difficult in Northern Ireland where house prices and household incomes are lower compared to the rest of the UK.

“While Propertymark supports steps taken to improve the energy efficiency of homes, agents and their landlords as well as homeowners must be given the financial support and practical time scales required if the Department of Finance is serious about achieving their net-zero targets.”

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