Houses being built to low carbon standards in NI will be given another year's grace in order to qualify for a rates holiday.

The Stormont Finance Minister, Sammy Wilson, has announced the news while addressing the Federation of Master Builders and explaining his decision.

He said: "I have listened to voices from the construction industry and am aware that a number of builders are in the middle of building low or zero carbon houses and are marketing them with the prospect of a long rates holiday when they are occupied.

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"Although the Executive has agreed to close the scheme at the end of this month, I have decided to allow a year's grace for houses being built to the required high standards.”

Planning permission must be sought by 31 March 2011 and the house completed and occupied by the end of March 2012.

"If granted the rates holiday, for the first occupier, would then run for two or five years for low and zero carbon homes respectively. Any planning or other 'statutory approval' delays, or indeed market difficulties, will not extend the deadline," he confirmed.

The Minister stressed: "I am not doing this to extend the life of the scheme for another year to cover houses at a very early stage but I recognise that housing development takes time and it’s a risky enough business these days.

"I therefore don’t want to exclude houses that are well into the process of development. They will therefore be given a another year to allow them to be completed, occupied and assessed as low or zero carbon, in order to qualify."

(GK)