Main image: empty apartment room renovation, before and after restoration / refurbishment
Refurbishing old buildings reduces emissions – but outdated tax rates make it expensive
Existing buildings already embody significant CO₂ emissions, which makes it all the more important to upgrade and refurbish – rather than demolish and rebuild – wherever possible. But as it stands, the UK’s tax system actually puts a significant financial penalty on refurbishment, while incentivising new construction. It's time for that to change, says Walter Menteth...

Walter is a director of Walter Menteth Architects, Project Compass CIC, a senior lecturer (p/t) at Portsmouth school of Architecture, an RIBA National Councillor, chair of the trustees of the North Southwark Environment Trust, and was a member of the Cabinet Office SME Panel 2011-2015, and Chair of the RIBA Procurement Reform Group 2011-2013.
Property developers to face two new taxes to pay for cladding scandal bill
Robert Jenrick has announced that residential property developers will face two new levies, starting in 2022, to pay for some essential fire safety works on high rise buildings, following 2017's Grenfell…
BoE cuts interest rates in response to ‘the economic shock from Covid-19’
The Bank of England has cut the base interest rate by 0.5%, taking it back down to a mere 0.25%, as part of a package of emergency measures to cope with the economic effects of the Coronavirus outbreak.
By PrimeResi
Election 2019 head-to-head: Comparing manifesto pledges on housing & tax
From Stamp Duty levies to income tax thresholds; planning reforms to green homes...
By PrimeResi
Companies in this article
University of PortsmouthMost read
Interview: New UK Sotheby’s International Realty MD Alex Isidro on what’s next for the luxury brokerage
PrimeResi quizzes the high-profile real estate agency's recently-appointed boss about bumper sales figures, brand-building, and why this business is 'all about people, not property'.
‘Landmark’ townhouse sale concluded in Chelsea
'Discerning buyers are focusing on best-in-class assets', says agency, confirming sale of near-£28mn trophy home as part of £100mn deal run.
Government proposes the ‘biggest shakeup to the homebuying system in this country’s history’
Consultations have opened into significant & wide-ranging reforms that promise to 'rewire a chaotic system which has become a barrier to homeownership.'
By PrimeResi
Country house guru Sweeting joins high-end valuation firm
Longstanding Knight Frank figure has taken up a consultant role at James Wyatt's Parthenia.
Seven key themes in the global branded residences sector
From standalone towers to wellness-led living, these are the big trends shaping luxury branded residences worldwide.
Influential committee calls for ‘major reform of the whole property tax system’
'The case for major reform of the whole property tax system – from Stamp Duty Land Tax to Inheritance Tax to Council Tax and VAT – is almost unarguable,' says Sir Vince Cable.
By PrimeResi
Unseasonably slow September for London’s top-end property markets
Fresh analysis reveals the impact of pre-Budget jitters on the capital's high-value sales and lettings sectors.
Luxury developer Amara Property adds Sales & Acquisitions Director
Warren Leader has joined Rutu Buddhdev's team.
By PrimeResi
In Pictures: ‘Immaculate’ Mayfair townhouse-mansion seeks £10.95mn
Thoroughly refurbished home is on the well-preserved Chesterfield Street - once home to Regency-era trend-setter Beau Brummell.
By PrimeResi
Weekly Showcase: Ten featured prime resi listings
PrimeResi's regular stock check, powered by LonRes.
LATEST ARTICLES
‘Westminster’s fastest-selling luxury residential development’ reaches completion
With 70% of apartments sold before completion, Native Land heralds 'not only a design triumph but a commercial success' at 100 George Street.
By PrimeResi
Mark Wells: Are luxury estate agents safe in an AI world?
'Agentive' artificial intelligence is poised to reshape the market as we know it - so what can the property sector learn from the music industry, which faced a similar moment in 2008?
By Mark Wells
Five-star Belgravia project sets London price records
The Peninsula London has reportedly proved popular with billionaire buyers from the United States.
My Property Career: Quickfire Q&A with Camilla Dell
Recruitment guru Barry Collins chats with prime resi industry leaders & entrepreneurs, distilling decades of experience & career highlights into 60 seconds.
Property market remains ‘muted’ as buying activity weakens
Demand, supply, prices & buying activity all declined further in September, reports the RICS.
By PrimeResi