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.
At its mid-September meeting, the Bank of England’s Monetary Policy Committee unanimously voted to leave its main interest rate at 0.25 per cent. The Bank halved its interest rate from 0.5 per cent to the new historic low in August with the aim of maintaining the stability of the UK’s banking system following the June referendum on membership of the European Union.
A number of indicators measuring near-term economic activity suggest that the impact of the Brexit vote has been weaker than at first feared. However, the Bank still expects that the pace of economic activity in the July to September quarter will still be half the growth rate recorded earlier in the year. The Bank reiterated that it might yet need to cut interest rates further in the coming months.
The Monetary Policy Committee also voted to stand by its August decision to expand quantitative easing. The Bank will purchase an extra £60 billion of government bonds, which will take the total to £425 billion. It will also buy a further £10 billion of corporate bonds as part of its continuing measures to prevent the economy falling into recession.
Under a new timetable, the next Monetary Policy Committee meeting will not take place until November.
One of the economic indicators that seems to show that consumer confidence has not fallen away since the Brexit vote is that UK retail sales were stronger than expected in August. The Office for National Statistics reported that sales volumes fell by just 0.2 per cent from July and were up by 6.2 per cent from August last year. Furthermore, the sales increase for July was also revised upwards from 1.4 per cent to 1.9 per cent, representing the best performance for the month in 14 years.
Another positive indicator was the slight fall in UK unemployment to 1.63 million between May and July. The unemployment rate was 4.9 per cent compared to 5.5 per cent a year ago. However, the number of people employed in the public sector is at its lowest level since the Office for National Statistics started collecting the figures in 1999, down to 5.33 million, indicating that it is the private sector that is making the jobs.
A key measure of the economy is the UK Consumer Prices Index of inflation; in the year to August, the average cost of everyday household goods and services went up by 0.6 per cent, unchanged from July. The Retail Prices Index, which includes the cost of mortgages, dropped to 1.8 per cent in August from 1.9 per cent in July.
Value My Property