Amidst the economic and health turmoil of the global pandemic, there have been several property initiatives introduced by the Chancellor, Rishi Sunak, MP for Richmond in Yorkshire, that caught the eye.

The first was the Stamp Duty holiday. This meant all property purchases up to the value of £500,ooo were exempted. It’s led to frenzied activity in the property market, here in Leeds and elsewhere, as buyers have put their homes on the market to move up the chain.

At Hogan’s in Harehills, Leeds, we’ve witnessed this massive upturn.

Last week, Boris Johnson signalled an intention to reintroduce 95% mortgages for first time buyers. We all know that a high deposit is often a deterrent to home ownership and that’s why Help to Buy on new homes has been such a success.

A third initiative, sandwiched between the stamp duty holiday and 95% mortgage deals, snuck in under the radar: The Green Grant.

What is the Green Grant?

The Green Homes Grant allows eligible households in England to receive vouchers worth up to £5,000 to spend on various green initiatives in the home, such as insulation, low-energy lighting and double glazing.

Many households can apply for £5,000 in grant after getting three trade quotes for insulation or double or triple glazing.

You may be asked to pay a deposit then, but this is deducted from the final bill which the government will cover, up to £5,000.

£10,000 is available too

What is often not known is that the green grant can be extended to £10,000 for other households, under the Low Income Scheme.

To redeem your voucher you’ll need to confirm that:

  • the installation was completed satisfactorily before the voucher expiry date
  • you have received the necessary documents from the installer
  • you have paid your share of the costs to the installer (if applicable)
  • you meet the relevant eligibility requirements

What does Stephen Thorpe, our Director, think of the Green Grant and its impact in areas like Harehills?

Clearly the government are trying to stimulate property activity during this incredibly odd year of Covid 19 and the Stamp Duty holiday has been a major boost on the property market. Many of the properties locally too could benefit from the Green Grant, with more efficient double or triple glazing, low energy lighting and enhanced loft insulation. The terraced homes, typical of east Leeds, are largely Victorian and would benefit from green improvements. The average landlord or homeowner will save £600 per year on average, so it does seem to be a no-brainer.”

To apply and check eligibility, simply click the link here.