Listed home owners reveal repairs and maintenance crisis
The Listed Property Owners’ Club is calls calling for VAT relief on repairs for this class of home as cost of living pressures continue to mount.
Removing VAT on essential but costly repairs in the listed building sector could unlock over £5 billion of spending to benefit the economy, research from the Listed Property Owners Club (LPOC) reveals.
The membership organisation – which represents owners of over 500,000 listed buildings – claims more than nine in 10 owners have postponed or cancelled work due to financial constraints.
UNDERTAKE REPAIRS
It says some 98% of listed property owners would be better placed to undertake repairs if VAT was waived to balance out materials inflation, labour shortages and pressure to retrofit to support Net Zero.
The membership organisation wants VAT relief on all repairs to listed homes – those Grade II, II* and I listed – like the Grade 2 listed Victorian period property pictured.
The UK has one of the world’s highest VAT rates while inflation and supply issues have seen the cost of certain materials, like insulation, rise by nearly a third (28%) in just 12 months. Meanwhile, a skills shortage in heritage and listed building conservation is also adding to the cost burden of repair works.
If VAT was not charged on maintenance for listed property, LPOC research shows that 98% of listed property owners would be more likely to undertake repairs. If just one square metre of works were then actioned, equivalent to a small window repair for example, the spending potential to benefit the construction and conservation industry exceeds £5 billion.
NOT FIT FOR PURPOSE
Martin Anslow, LPOC Director, says: “The present listing regime is not fit for purpose. Its connected economies do not support the sector and prevents many homeowners from making much needed repairs and energy efficiency upgrades.
“This is creating another blocker to the UK ever reaching its Net Zero goals. Not only are we incentivising the destruction of our heritage but adding to the global warming disaster.”
And he adds: “We want to see the government and opposition get to grips with this growing crisis in the Autumn ahead of the next election.”
