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.
Leeds Building Society improves its Buy-to-Let criteria
Leeds Building Society has introduced a greater degree of flexibility into its criteria, by announcing that it will no longer impose a maximum tenancy period for Buy-to-Let mortgages.
Criteria regarding tenancy agreements has improved throughout the market in recent years.
Rather than insisting on a maximum of just 6 to 12 months, most lenders now allowing tenancies of 2, and in some case 3 years.
Very few currently go beyond this however, so the move by Leeds has been welcomed by many.
With people renting for longer, and an increase in the number of families with children living in the rental sector, there is a definite need for more security of tenure.
Leeds has now opted to accept agreements for a time period which is suitable for both landlord and tenant.
This will provide more choice for those who would prefer to have a longer agreement in place and offer a greater level of security for both parties.
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