When will the money stop…the chancellor who keeps giving!

We just had a mini-budget, another £30 billion give away and some real support for the economy and also landlords / property owners. I...

We just had a mini-budget, another £30 billion give away and some real support for the economy and also landlords / property owners.

I thought I’d just give you a quick summary of the budget and also where it might help you as a landlord.

So some of the headline grabbing points:

• VAT slashed to 5% in the hospitality sector – helping our hotels, restaurants and pubs serving food 👍
• Eat out to help scheme in August – eat in a restaurant or pub monday to wednesday and get up to £5 off per person 👩‍🍳
• £1,000 bonus for any furloughed staff kept on till 31 Jan 2021, protecting jobs 👏
• Kick start work placement – 16-24 year olds funded by the government for six month work placements upto £5,500 – amazing for younger people out of work! 🤸‍♀️🤸‍♂️

But here it now gets interesting:

• Stamp duty cut up to £500,000 till 31 March 2021 – a real jolt for the property market, hopefully staving off any price declines – which we especially need in the North-East!

The bit though which you might not have noticed or didn’t think applied:

• £2 billion green homes grant – vouchers worth up to £5,000 to cover two thirds of the cost of work, which applies to home owners and landlords – what does that mean?

We need further detail but it’s suggested this covers the usual suspects like – loft, floor and wall insulation as well as double glazing, eco-friendly boilers, heat pumps, low energy lighting and energy efficient doors.

I’m looking at this with great interest since this might be a once in a generation opportunity to replace double glazing or boilers in your home or your buy-to-let property at a third of the cost!

So if you’ve been putting any of these things off I’d suggest from September you give it serious thought when the offer opens. We’ll definitely be speaking to our tradesman and trying to come up with a green package for our landlords where you can upgrade your property for 33% of the cost!

Let me know your thoughts!