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.
Every seller is tempted to overprice their home. They may
have carried out lots of work over the years or may need the extra money to
Buy as a buyer, you want to pay the market price.
So how do you spot an overpriced home? Here are our top five tips.
How long has it been on the market?
If it’s more than 60 days, chances are that it is not selling because it’s overpriced. Though be aware that some high-end homes can be on sale for a longer period.
Have home improvements inflated the price?
If an owner has just spent a lot of money on an extension or refurbishment, they may price their home higher because they want to make a profit. But love and investment in a home doesn’t always get a reward.
A home in poor condition should not try to compete with a newly refurbished home on the same street, either.
Does it match the value of other properties nearby?
If the house next door recently sold for a fraction of the one you are viewing, something isn’t right.
Take a look at current listings and properties that were recently sold in your postcode area to compare. Remember, the asking price isn’t the same as the sold price, but previously sold prices could guide you towards a good offer.
Do your research
Always do your homework. At the Guild, we recommend looking at lots of online resources, from mortgage advice to solicitor reviews. Getting things in order now will save time and stress down the line.
Is the location desirable?
Similar properties can vary in price hugely from one side of town to the other. The trendiest place is always going to fetch a higher price, so keep that in mind.
The best solution is to set the price sensibly. Sometimes a low price may generate more interest. If in doubt, talk to your agent.
You can get more information on overpriced homes on the Guild’s blog online, as well as lots of other topics to help you with buying and selling.
Value My Property