The scheme was outlined by the chancellor of the exchequer Rishi Sunak during the Summer Economic Update.
From September homeowners and landlords in England will be able to apply for vouchers to pay for green improvements. These will cover two thirds of the cost of green improvements up to a maximim of £5,000 per household, low income households can apply to cover the full cost up to a maximum of £10,000.
John Goodall, CEO of Landbay, commented: “The Green Homes Grant for homeowners and landlords as well as the reduction in stamp duty is a really positive move by the Chancellor. While, inevitably, the additional 3% stamp duty will remain in place for those who already have another property, for landlords buying a property of £475,000 for example, this will mean a saving of £13,750 in stamp duty, which is a huge opportunity for those looking to expand their portfolios. It will also give landlords the opportunity to move properties from their own name into limited companies which they may not have done previously due to the stamp duty implications.
“In addition, the incentives to bring back furloughed workers and the investment in hospitality should mean that unemployment may not be as high as some may have expected. With the number of schemes now in place to support jobs this should give landlords some confidence that there will be fewer rental defaults than may have been the case.
“This is clearly a positive way forwards both for homeowners and for landlords and should deliver the kickstart to the property market that the Chancellor wanted to achieve.”
