Green Homes Grant Scheme Announced by Government

Propertymark Outlines Details of New Government Scheme

‘The government has announced a new scheme for homeowners in England called the Green Homes Grant Scheme. Set to start in September, the scheme will see eligible homeowners issued with vouchers to pay for energy-saving improvements to their homes.

How much funding is available?

Chancellor Rishi Sunak will be unveiling a £3billion plan to cut emissions, with £2billion ringfenced for the Green Homes Grant Scheme.

Under the scheme the government will pay at least two-thirds of the cost of energy saving home improvements up to £5,000. For the lowest earners, the government will pay the full amount up to £10,000.

David Cox of ARLA Propertymark said:

“Since the withdrawal of LESA (Landlords Energy Saving Allowance), we’ve been calling for a simple grant scheme to help private homeowners and landlords make their properties more energy efficient.

Today’s announcement is a big step forward to ensure that they can take the necessary steps to do this and ultimately create a greener property sector in the UK.”

What home improvements will be eligible?

Homeowners will be able to use the vouchers to pay for improvements that will make their property more energy efficient. This could be installing floor, wall and loft installation, low energy lighting, energy efficient doors and double glazing.

How will the vouchers work?

The government has said that homeowners will be able to apply for the grants on the Simple Energy Advice website from September.

Applicants will be asked some basic questions about their home followed by recommendations on eligible improvements, including information on local suppliers.

Once a supplier has provided a quote and the work has been approved, the government will issue a voucher.

Are you eligible?

The scheme is open to anyone who would benefit from eligible energy efficiency measures. The government are yet to release the criteria to receive the extra funding for those on lower incomes.’

We will provide updates as they become available. The scheme website is accessible below.

Stamp Duty Rates to be Temporarily Reduced

Government Outlines Details for Stamp Duty Land Tax

In a mini-budget announcement yesterday, the government has reduced the rates of Stamp Duty Land Tax (SDLT) on residential properties purchased between 8 July 2020 and 31 March 2021. 

The details indicate that:

‘If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before. From 8 July 2020 to 31 March 2021 the special rules for first time buyers are replaced by the reduced rates.’

You can use the Stamp Duty Land Tax calculator in the link below to work out how much tax you’ll pay on your property purchase.

Demand from Tenants and Rental Supply Highest on Record for June

Numbers of Prospective New Tenants Continuing to Rise

The June edition of ARLA Propertymark's Private Rented Sector Report found a record number of prospective tenants registering interest with agents - a year-on-year high for this time of year. Whilst the market typically begins to slow in June for the summer months, this year's surge on account of the coronavirus means that we expect the next few months will be busier than usual.

Phil Keddie, ARLA Propertymark's President agrees. 'Our latest figures show that the rental market is continuing to pick up following the COVID-19 lockdown. The record-breaking supply of rental stock and demand from tenants for this time of year paints an optimistic picture for the summer months, indicating that the market will be more active than the usual seasonal lull.'

There are also more properties on the market now than is typical for this time of year which means that you're best placed to market your property with a smaller agency who can give you a more focussed and attentive service to get your property let quickly.

To have a chat about how we can help, give us a call on 0203 488 0224.

Electrical Safety Certificates Now Required

First Phase of New Electrical Safety Regulations Comes Into Force

As detailed previously, electrical safety inspections are required for all new tenancies from 1st July 2020. This means that if your property is currently being marketed for rent, it will require certification to ensure that the electrical installations in your private rented property are safe and compliant.

The certification requirement for existing tenancies will not come into force until 1st April 2021 and certificates will be valid for 5 years.

Our team of highly trusted, recommended and competitively priced tradespeople - have been busily servicing our landlords over the past few months to ensure their properties are compliant with this latest legislation.

To fully appreciate our fabulous team, fantastic rates and transparent pricing - contact us using the link below:

Government Extends Eviction Ban

Support for Tenants and Landlords Extended until 23 August - Update

As preparations begin for the easing of lockdown across England, the government have also recognised that tenants and landlords continue to require support in these extraordinary times.

It was announced yesterday that the three month suspension currently in place on all new eviction proceedings will be extended for a further two months.

The two month extension will come into force on 25 June, when the previous three month extension, originally announced in March, was due to expire. The mortgage payment holiday offered to landlords has also been granted the same extension.

It is expected that new eviction hearings will be heard by the courts starting from the end of August.

If your tenants have been financially affected by the coronavirus and unable to pay their rent, reach out and contact us. We’ve been successfully helping our landlords to manage their tenants and properties throughout this difficult period and you will find all the information and support that you need when you call us.

Full details on the two month extension are available through the link below.