Sunak’s Spring Statement has been slammed by the PRS industry as simply not enough for BTL landlords.

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A spokesperson for an industry body says: “We welcome the decision to scrap VAT on energy efficiency measures.

“However, it remains disappointing that the government has again failed to explain what will be required of the rental sector when it comes to energy improvements.  The sector needs clarity as a matter of urgency.

“More broadly, as renters, along with all others, face a cost-of-living crisis, the Chancellor should have reversed his decision to freeze housing benefit rates. Without this, those relying on the benefit will find it increasingly difficult to afford their rents.”

Elise Coole, managing director of a specialist buy to let lender, says Sunak should have done more on energy efficiency.

“We have been calling for more government support to help make the nation’s housing stock more energy efficient for years. Therefore, we welcome the Chancellor’s announcement today that he is removing VAT for the installation of energy saving materials such as solar panels and insulation.

“While it is a step in the right direction, we believe the government could – and should – be doing much more to help people shoulder the immense financial burden associated with making their homes greener.

“The Chancellor claims his plan will save the average person installing solar roof panels more than £1,000. But is that really much of an incentive when the average cost of installing solar panels is around £4,800?

“If the government is serious about nudging people into action it needs to provide more direct financial support, such as expanding the Boiler Upgrade Scheme so more people can take advantage of it.

“Ideally, this would be alongside the introduction of a replacement for the now defunct Green Homes Grant, which provided grants of up to £5,000 to those making energy saving improvements. If given the time and proper funding, this scheme could have flourished and become a real game changer.”

Just in case here is a summary of the major measures included in the Spring statement:

- income tax basic rate will be reduced to 19% in 2024;

- the National Insurance increase will still be introduced however the threshold has increased by £3,000 from £9,6000 to £12,570;

-  all homeowners that have energy-saving materials installed in their properties, such as heat pumps (hmm), solar panels or insulation will not have to pay VAT over the next five years;

- the £500m Household Support Fund will be increased by 100 per cent to help the poorest having to cope with the skyrocketing energy bills;

- the fuel duty is cut by 5p a litre until March 2023;

- a new Public Sector Fraud Authority will be set up as part of the government’s £50m budget to tackle fraud.

- business investment tax rates to be reduced , which will be unveiled in the Autumn Budget late 2022;