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.
Lenders react to possible base rate cut
All eyes were on the Bank of England this week, following widespread speculation of an impending cut in the Base Rate - the first since March 2009.
The Monetary Policy Committee has however voted 8-1 to leave rates unchanged, opting to wait until August’s inflation report before taking any action.
A number of lenders, including Halifax and Santander, have already withdrawn or increased their tracker rates over the last few days. In some cases the increases have been nearly 0.50%.
This certainly suggests that lenders believe the Bank of England is preparing to cut Base Rate very soon, and are looking to protect their margins.
A drop in base rate will of course benefit homeowners who already have tracker mortgages, and would immediately see a drop in their monthly payments.
Guild Mortgage Service, Provided by London & Country Mortgages
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