From 1st April, all new rental leases and renewals of tenancies will be required to have an energy performance rating of at least E on an Energy Performance Certificate (EPC). For existing tenancies, the regulations come into force on 1st April 2020.
We wondered how much tenants are prepared to pay for energy efficiency. Properties across England and Wales let in 2017 with an energy performance rating of E achieved 3.1% more per square foot than properties let with an F or G rating. On an 800 square foot property, this equates to an average of £360 per year.
The majority of landlords are well prepared, but we calculate that around 7% of properties let in 2017 still need to be brought up to the standard required. Best prepared are London landlords where just 4.9% of properties let last year were lower than an E rating, while in the South West more than 10% of properties did not meet the standard.
At the top of the scale, properties with an A or B rating achieved, on average, 31% more per square foot than F and G rated properties in 2017. On an 800 square foot property, this equates to an average premium of £3,600 per year.
We would like to take this opportunity to thank you
for your continued support which has made 2017
such a successful year
and we look forward to working with you
in 2018 and beyond.
After months of hard work, our new website finally went live over the weekend and is looking fantastic! Why not have a good look around and see what amazing new features and information are included.
Our new banner has arrived today ready for tonight, and it looks great!! We are proudly sponsoring the Pink Wig event which is part of Falmouth Week and raises funds for vital research projects, the best care for breast cancer patients in Cornwall and a safer future for the next generation.
This month has seen the release of a number of statistics suggesting a weakening of the UK economy. The Office for National Statistics (the ONS) reported that, in February, the UK’s industrial output saw its biggest decline since August 2013, falling by 0.5 per cent from a year earlier. Over the same period, manufacturing output was down 1.8 per cent. These figures were weaker than expected, raising fears over the growth prospects of the UK economy for the first quarter of 2016. Separate ONS figures revealed that the UK’s trade deficit in February was also worse than expected.
New data on productivity from the ONS showed that worker output per hour in the UK fell 1.2 per cent during the last three months of 2015 compared with the previous quarter. Over the same period, manufacturing output fell by 2 per cent and the service sector dropped by 0.7 per cent. Nevertheless, over 2015 as a whole, output per hour rose by 1 per cent, which the ONS said was the strongest increase since 2011. As productivity is critical to economic growth potential, economists are concerned as to whether the fourth quarter figures mark a temporary relapse or hint at problems to come.
A slowdown in the UK’s economic growth appears to be supported by a survey just published by the British Chambers of Commerce (the BCC), which looked at key indicators such as sales and orders, confidence and investment intentions in more than 8,500 firms. It showed historically low confidence in turnover and profitability and further suggested that domestic sales and orders in service firms fell in the first quarter of the year to their lowest level in three years; manufacturers also reported a fall in domestic sales.
The Halifax has recently said that the housing market could slow down because of ‘worsening sentiment’ regarding the UK economy and amid the uncertainty over the pending EU referendum on 23 June. However, it also said that house price growth is likely to remain generally robust in the months ahead because the number of homes on the market is still outstripped by demand, and because interest rates and unemployment remain low.
Regarding interest rates, the Bank of England’s Monetary Policy Committee (MPC) voted unanimously at its monthly meeting on 16 March to maintain the Bank Rate at 0.5 per cent and to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.
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