Current Statistics ►

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.

January 2018

December 2017

 

 

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. 

 

 

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This year we have been supporting Christmas Jumper Day in aid of Save the Children UK. Every one has been getting into the swing of things with some festive cheer at both our offices in Falmouth and Penryn, raising a total of £64.70. Not bad for a small team - Well done everyone!

September 2017

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. 

www.heather-lay.co.uk


Natalie took part in the Cancer Research Race for Life Pretty Muddy on Sunday 3rd September. It was "pretty muddy" due to the Cornish Autumn weather, but a brilliant time was had by all and Natalie raised a fantastic total of £183.00 for Cancer Research!

August 2017

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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.​

London: The politics of property

London: The politics of property

News & Legislation The Guild of Professional Estate Agents 18th April 2016

London is about to vote and select a new mayor – probably one of the 10 most powerful and influential political positions in the country. Marcus Whewell, CEO of The Guild of Professional Estate Agents, examines what impact the London election could have on the capital’s property market.

Boris Johnson has of course decided not to run again, but is this election likely to make any difference to the property market in of the world’s largest and most successful cities?

For many, in truth probably not. London house prices have defied gravity as a heady mixture of overseas investment, rising population and speculation (including buy to let) has driven the average price to almost £450,000, still tracking at a 10% annual increase according to Land Registry. Mean prices are forecast to reach £550,000 by 2020, which would require a £28,000 deposit and a salary of £118,000 to secure a typical mortgage. Ownership is, therefore, becoming an exclusive club for the already wealthy.

This naturally ‘knocks on’ to the rentals market, putting increased pressure on the finances of aspiring homeowners, for whom the dream moves further away as prices outstrip wages. Of course, there are many so-called ‘lifestyle tenants’, but I believe only a few would freely waive the significant profits to be made from being on the housing ladder.

The occasional poor, and frankly unacceptable standards of some rental accommodation has led to several charities to campaign for Government intervention, but has this ship already sailed?

Boris Johnson launched his ‘rental standard programme’ in May 2014, hoping to use voluntary accreditation to attract landlords to agree to minimum compliance. This has largely failed (in terms of signups to the scheme), showing the difficulties in engaging with such a diverse and elusive market. I can’t see any new incumbent taking on such a task again without formal legislation, which is highly unlikely given the Government’s other pressing priorities.

Alternatively, could a new mayor fix housing supply in the capital? Lead-times for significant new build developments tend to be years rather than months, so his/her influence will be diluted with an unwelcome lag (a little like the Government using interest rates to influence employment).

Of course, some form of rent controls could also affect the disposable income of a high percentage of London residents (30% of the overall population), but no-one is actively planning such a measure, and may just restrict future supply.

So what could move the London property market? I would suggest one a few major catalysts:

Firstly, Brexit could cause a significant adjustment in several ways:

o    Reducing the desirability of the location for international employees
o    A flight of capital could influence interest rates and lending policies
o    By reducing general confidence in a city continuing to project itself on a world stage against growing competition

A second factor would be the pending Basel III controls, that will look to build up banks’ capital bases (meaning that they can lend less against any given reserves) – due to come into play later this year.

Thirdly, the increasing attractiveness of ‘neighbourhood’ commute areas such as Luton and Dartford may persuade people to make a different decision on where to live – but this is more likely to affect first time buyers and upscalers than the property elite.

On the other hand, London has always been seen as a ‘safe haven’ in times of uncertainty, and so any escalation in the Middle East conflicts or a serious challenge to the European model (see Holland) would probably attract further funds and overseas relocations. It is difficult to speculate what would result from a Trump victory in the US, apart from a strong ‘political gulfstream’ from the West.

So in truth, the London market is driven by fundamentals and sentiment: sadly, as with most economics, any individual’s ability to influence this is on the wane.

Residential Sales
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Cornwall, TR11 3DN

Property Letting & Management
01326 374850

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Penryn, Cornwall TR10 8GU

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01326 374850

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Penryn, Cornwall, TR10 8GU

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