Climate change bill 'will increase the cost of new builds'

The price of new build houses may increase due to the new climate change bill, which became law at the end of last month.

According to Mouseprice's Selwyn Lim, the amount of money needed to ensure compliance with the legislation will be included in the build cost for developers, who might have to put up prices in order to maintain profit margins.

This could possibly encourage homebuyers to go down the self build route in order to enjoy relative savings.

Other factors generally taken into account when developers calculate building costs include the cost of buying land and how difficult it is to obtain planning permission, Mr Lim explained.

The climate change bill was introduced in Parliament more than a year ago and was finally passed on November 26th.

It is the first legal framework of its kind in the world geared towards combating the potential hazards of global warming.