The chancellor has cut the zero vat rates for alterations to listed buildings at a time when many in the property and construction industry are looking for VAT cuts on all building alterations. The Royal Institute of Chartered Surveyors are amongst a growing group of organisations and leading individual calling for cuts in VAT for all property alterations. Improvements to existing housing stock offers a greener alterative than new build properties. Many older properties can be converted and renovated into high standard, energy efficient homes and a cut in VAT would encourage more green renovations. These property renovations are a key step to improving the energy efficiency of the existing UK housing stock and preventing wasteful demolition and unnecessary new build developments.