August 05, 2020
When Rishi Sunak the Chancellor first talked about the £3 billion package that tended towards green investments, things looked surreal. Considering the scenario at present and the hit businesses are having due to the pandemic, the then promised support to 1,40,000 jobs is something that people are looking forward to now despite the fact that people want to curb the spending. Approximately £2 billion has been kept aside mainly for grants that are to aid with green home related improvements like added insulation as well as double glazing. And even now, in July, the government predicts when things do reach the table, there is going to be a rush. So, how prepared are you?
Property Accounting Services and related providers on the other hand note that while the government seems optimistic and there is no harm in having your applications ready, the picture isn’t really all that rosy. For instance, there is a staggering 70% of people who are waiting to see how September sets in before making a move which means once things kick start, there will be indeed a rush.
How prepared are you?
The scheme actually launches in September though landlords have been urged as early as July to begin to prepare for the scheme as the government prepares to be overrun with requests towards a more energy efficient home. The main objective of the scheme seems to be energy efficiency and so it is no surprise it has homeowners and landlords talking. The grant is estimated to be worth £5000 and considering that landlords need an energy rating of ‘E’ for a minimum it is easy to conclude why the government seems so sure despite counting their chickens before they are hatched. Property tax advisors speculate that this move signals tiger energy regulations in the coming years so rental owners need to tighten their belts and get the benefit of this scheme so that they can upgrade their homes for a new market.
Some sources believe that the grant ultimately might be restricted to certain replacements - like single glazing would receive a better chance of change than if you have double glazing.
Why have your applications ready in advance?
The reason for the hustle is obvious considering that the grant period is only for a year. Hence, if you have some homework (pun intended) to be done, it is best to make haste before hay as household reviews and assessments take time. Receiving the right estimates is a whole new ball game. Also, you would need to consider where the work you have lines up is actually eligible for the grant. Thus, getting the applications ready beforehand will at least give you more of a chance considering the floods of applications that the government is expecting. And you have to admit, their expectations do seem reasonable.
When it comes to Real Estate Accounting experts feel that this move isn’t so much as merely a means to be energy efficient, but also to create a new demand in the market that needs to be supplied. Unfortunately, the coronavirus pandemic hasn’t been too kind on this front as well. Many window firms and related trade suppliers have gone back to furloughing their staff due to the still downhill demand ratio. Cancelled installations are another factor that has tradesmen depressed. Due to the pandemic there has been an almost 40% drop in daily sales though some remain optimistic that come September, things should look up. Especially due to this government endeavour. Considering all this it appears the best approach is to have your application in the ready and keep calm and carry on.