Rics calls for VAT changes to renovate empty homes

It has been claimed that the government should reduce the VAT that is paid on renovation projects to benefit thousands of households.

Citing official figures, the Royal Institution of Chartered Surveyors (Rics) claims that there are 762,635 empty homes in the UK but 72,130 families who will be homeless or in temporary accommodation this Christmas.

Helping to renovate existing homes by reducing VAT on the renovation and repair of buildings from 15 per cent to five per cent could help bring empty properties back into use and provide housing for the needy.

Furthermore, such a decision may provide a boon for private homeowners who want to help the environment by renovating an existing inefficient home and creating a green ecohome.

Rics urges the government to "use all its powers" to bring the thousands of homes back into use and reinforce council powers, rather than "allowing homes to sit empty".

Meanwhile, BuildStore claims that one of the most pleasing elements of a self build is making a VAT repayment claim at the end of the build.