Warning house prices will soar due to red diesel changes

Posted: 21/2/2022


House prices could soar because of the pending changes to red diesel due on 1st April 2022. The warning was made to Chancellor Rishi Sunak by MPs, including the DUP's Carla Lockhart. On 1st April, the number of industries permitted to use rebated red diesel will be significantly reduced, including construction and quarrying. The change, say the government, is to drive the use of cleaner, more environmentally friendly fuels, however industry says that the technology isn't ready yet and this will force the majority of users of red diesel to switch to fully duty paid road diesel. MPs say that this will cost the construction section between £280 and £490 million and that will be passed on in the price of new housing and other construction projects such as schools, hospitals, and roads. The potential additional costs will not just affect new homes, but it will add cost to many building materials driving up the price of repairs and renovations. Whilst MPs are piling the pressure on there is no sign that the government plans to make any U-turns yet. 

Key One Property offer fair price sales, lettings and management services.

Back to News

 Click here for a competitive quote for Landlords Insurance  property-ombudsman NI Tourism Certified Accommodation to Rent