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.
The July 2016 house price index data for the UK showed a monthly rise of 0.4 per cent, while in England the increase was slightly higher at 0.5 per cent. In London the monthly change was 1.0 per cent but of the English regions it was the North East region that experienced the highest monthly growth with a rise of 2.3 per cent. Falls were seen in Yorkshire and The Humber, the South West and the West Midlands, the latter seeing the greatest fall at minus 0.8 per cent.
On an annual basis the price change across the UK was 8.3 per cent, bringing the average house price to £216,750. In England the annual price increase was a little higher at 9.1 per cent and the average house price £232,885. London experienced a rise of 12.3 per cent making the price of an average London home £484,716. However, the East of England again saw the greatest increase over the year with a rise of 13.2 per cent, while Yorkshire and The Humber saw the lowest annual price growth at 4.7 per cent. Annual price increases by property type across the UK showed little difference, ranging from 8.1 per cent for both terraced houses and flats and maisonettes to 8.5 per cent for both detached and semi-detached houses.
Detailed statistics for local authority areas continue to show a wide variation but only five areas saw a fall in prices over the year, including the London boroughs of Camden at minus 0.6 per cent, Hammersmith and Fulham at minus 1.6 per cent, and Kensington and Chelsea at minus 3.0 per cent. The highest annual rise was seen in South Bucks at 22.7 percent, while Stevenage, Haringey, Hertsmere and Newham also saw increases above 20 per cent.
Completed sales for England in May 2016 totalled 49,795, a fall of minus 33.5 per cent compared to a year ago when 74,897 completed house sales were made.
Statistics relating to building status showed that the average price of a new build property in England in July was £295,039, down minus 2.2 per cent on June but up 16.4 per cent on a year ago. The average price of a resold property was £228,779, a rise of 0.7 per cent over June and 8.5 per cent higher than 12 months ago.
Statistics on buyer status in England showed that the average price of a house sold to a first time buyer was £195,484 and to a former owner occupier £264,184. Prices to first time buyers increased by 0.3 per cent over June, while re-purchasers saw an increase of 0.6 per cent. Over the year, prices for first time buyers increased by 8.9 per cent and for former owner occupiers by 9.2 per cent.
The latest figures on funding status, which compare average cash and mortgage prices, show that in England the average cash price was £218,331 and the average mortgage price was £240,233. The monthly increase in prices for cash buyers was 0.3 per cent, while mortgage purchase prices rose by 0.5 per cent. However, the annual change for cash purchases was 8.3 per cent, while for mortgage purchases it was somewhat higher at 9.4 per cent.
Value My Property