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.
Increased competition between lenders has seen the number of fee-free fixed rate mortgages more than double over the past twelve months.
According to recent data from Moneyfacts, there were 556 fee-free deals just over a year ago, compared to 1,162 by the end of 2016.
Although the number of fee-free deals has increased, average fixed rate fees have gone up by £30 from £954 to £984 over the past year. The average two-year fixed rate, however, has fallen from 2.67% to 2.34% in the last 12 months, which suggests some lenders are introducing lower rates but with higher fees.
Fee-free mortgages usually have slightly higher rates than those which do charge a fee, but they often still work out to be more cost-effective overall once fees are factored in.
Calculations show that borrowers with a 25% deposit opting for the lowest two-year fixed rate deal with a fee could be more than £1,000 worse off than if they’d gone for a deal with no fee.
It’s important that when comparing deals, borrowers always look at the total cost, rather than just the headline rate of interest charged.
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