Landlord Insurance and Property Insurance Articles

This really depends on your let property insurance policy and the circumstances surrounding the need to change locks.

In some cases, your let property policy may typically provide replacement locks for doors and windows, up to a pre-set amount and subject to certain terms and conditions. Please check your policy document or contact us for clarification.

There are a number of circumstances where you may need to change your locks.

That might include situations such as:

after a burglary in which they have been damaged;
after a burglary where, even though the locks are still sound, you believe your security has been compromised by the theft of keys etc.;
in circumstances where either you or your tenants have lost a set of keys and you wish to change the locks for security reasons;
situations where your locks have broken or jammed due to age or poor maintenance;
where you have recently evicted tenants and have been unable to recover the full set of keys or feel copies may have been made of the originals;
you are just changing locks to higher security models.

The control of keys is typically a concern for many landlords and it is far from unusual to find that tenants have lost or misplaced entire sets. In such circumstances, where you are facing the need to change locks for tenant-related reasons, you may be able to demand that your tenants pay. You may need to ensure though that you clearly highlight in advance through the tenancy agreement that all such charges will be to the tenants’ account.

At the time you take an inventory and prior to your tenants moving in, make sure that the keys and locks situation is clearly and unambiguously documented.

Make sure they sign for receipt of a specified number of keys and accept that all locks around the property are in good working order (assuming that they are).

This may help eliminate at least some of the reasons for needing to change your locks during or at the end of the tenancy.

What do landlords need to know for this year? Here we share 8 things landlords need to be aware of …

1. Renters’ Reform Bill

The landmark legislative change is likely to be progress on the long-awaited Renters’ Reform Bill which is designed to help tenants in several key regards:

a limit on the frequency with which landlords can increase rents;

tribunals to hear tenants’ complaints about excessive rent increases;

the creation of a private rented sector ombudsman service; and

the freedom for tenants to share their accommodation with a pet – and landlords denied the authority to ban animals.

Perhaps most notably, though, the previously vaunted abolition of Section 21 “no-fault evictions” has been put on the back burner for later implementation.

2. Banning tenants

While the Renters’ Reform Bill remains open to ongoing amendments, the government has recently added provisions that stop landlords from issuing blanket bans on any given grouping of tenants.

In the past, for example, some landlords have specifically blocked prospective tenants from groups such as those in receipt of benefit payments, those with children, or even the disabled. With the passage of the Renters’ Reform Bill, this type of blanket ban will be prohibited.

3. Making Tax Digital

Another government initiative subject to delay is the rolling out of the Making Tax Digital (MTD) scheme for landlords.

Under the revised timetable, landlords earning more than £50,000 a year must complete MTD returns from April 2026 and those earning more than £30,000 from April 2027.

4. Capital Gains Tax (CGT)

It remains to be seen whether a heavier Capital Gains Tax liability will discourage landlords from selling up and leaving the market – but CGT allowances are to be halved again (to just £3,000) from this April.

5. Landlord exodus

Whatever the effects of slashing the allowances for CGT, it is clear that the size of the private rented sector continues to shrink.

A net loss of 300,000 rental properties has been suffered since 2016. 52% of the surviving landlords remain worried about the state of the market, with 10% committed to selling up, according to Which? magazine on the 29^th of December 2023.

6. Mortgage rates

Whereas landlords could once enjoy buy to let mortgage rates fixed at 2%, once these expired, their new mortgages are likely to have been nearer to 6%, according to a story in the Mail Online on the 1^st of January 2024.

As margins become squeezed, some have found that mortgage repayments currently account for almost two-thirds of a landlord’s monthly rental income.

7. Property prices

Along with mortgage interest rates, the initial cost of investing in rental property is also a key consideration for landlords.

In 2024 – as in 2023 – however, it is still unclear whether prices will change at all dramatically. Market analysts remain uncertain about the eventual trend although the Mail Online forecasts an annual fall in prices of around 5%.

8. A Decent Homes Standard

Finally, landlords need to be aware of the minimum standards for private rented housing that were proposed by the government last November.

The goals are set out in a Decent Homes Standard. These establish a number of broad parameters including the overall state of repair of the property, the maintenance of modern services and facilities in areas such as the kitchen and bathroom, and a “reasonable degree” of heating, insulation, and “thermal comfort”.

In conclusion

The year ahead promises a range of significant changes to the private rented sector – landlords and tenants alike will want to keep abreast of them.

Please note this information is designed for informational purposes based on the author’s current understanding of the law and should not be deemed as legal advice.

Renting out property can be a lucrative venture, but it comes with its fair share of responsibilities and complexities. A crucial aspect of this venture is understanding the dynamics of the relationship between a landlord and their tenants. In the United Kingdom, specific legal frameworks and obligations guide this relationship, ensuring a fair and transparent interaction between both parties.

Legal framework in the UK

As a UK landlord, it is imperative to be well-versed in the legal obligations that come with renting out property. Housing laws are in place to protect both landlords and tenants, emphasising the need for compliance to maintain a smooth and lawful landlord-tenant relationship.

Landlord’s responsibilities and obligations

these are commonly set out in the tenancy agreement which form the legally binding contract between landlord and tenant;

although there may be variations in the detail, the government website clearly sets out the basic principles and chief areas for which the landlord is always responsible;

in a nutshell, these boil down to the landlord ensuring that the accommodation provided to the tenant is safe to live in and poses no hazards to the health of the tenants;

specifically, these health and safety obligations relate to fire precautions and the safety of all gas and electrical installations – most recently, these have extended to the installation of smoke alarms and carbon dioxide detectors;

further obligations relate to providing the tenant with a copy of the accommodation’s Energy Performance Certificate (EPC), the safe keeping by a third party of tenants’ deposits and the landlord’s responsibility for checking that the tenant and members of the tenant’s household have an immigration status granting them the right to rent the accommodation;

these obligations have important implications for the landlord insurance with which the owner of buy to let property typically seeks to protect the let premises and his business generally;

this stems from the general principle embodied in any insurance contract that the insured has a duty to mitigate the risk of any loss or damage – in the same way as though there were no insurance protection in place;

a landlord’s failure to comply with the law or to exercise a proper duty of care towards his tenants has an impact on his landlord insurance policy in a way that might be illustrated quite simply;

if a tenant, a visitor or a member of the public suffers an injury on the property and the landlord is shown to be quite blatantly in breach of his duty of care, an insurer is entitled to question any claim on the landlord’s liability indemnity cover and may reduce the amount of any settlement in view of the landlord’s “contributory negligence”;

Renting agreements and contracts

A comprehensive rental agreement is the foundation of a successful landlord-tenant relationship. Key elements, including the duration of the lease, rent amount, and house rules, should be clearly outlined to avoid disputes in the future.

Rent collection and payment

Efficient rent collection is vital for the financial stability of a landlord. Establishing clear payment terms and addressing late or missed payments promptly can prevent potential conflicts. You may also wish to consider Residential Let Legal Expenses and Optional Rent Protection.

Dealing with evictions

While eviction is an undesirable situation, landlords must be aware of the legal procedures involved. Open communication and preventive measures can often alleviate the need for eviction.

Handling disputes

Conflicts may arise during the tenancy. Effective dispute resolution involves open communication, mediation, and understanding the legal options available.

Insurance considerations

Investing in landlord insurance provides protection against unforeseen circumstances. Understanding the different types of cover available is crucial for mitigating risks. If you have a mortgage on your investment property, it may typically be a condition of the agreement that you have adequate insurance in place at all times.

Tenant screening process

Thorough tenant screening is a proactive measure to ensure a reliable and responsible tenant. Adhering to legal considerations during the screening process is essential.

Property inspections

Regular property inspections help identify issues early on. Addressing these concerns promptly contributes to the overall well-being of the property.

Changes in rent or property rules

Landlords may need to adjust rent or property rules. Proper communication and adherence to legal guidelines are essential in implementing such changes.

Environmental and Health Standards

Maintaining a property that meets health and safety standards is a shared responsibility. Landlords play a crucial role in providing a healthy living environment for tenants.

Communication strategies

Clear and open communication is the cornerstone of a successful landlord-tenant relationship. Leveraging modern communication tools can enhance the overall experience for both parties.

Tenants’ responsibilities and obligations

Tenants in the UK have certain rights that landlords must respect. Understanding these rights is crucial for a landlord to create a healthy and lawful environment for both parties. Additionally, tenants also bear responsibilities, and clear communication about expectations can prevent misunderstandings:

as with any other business contract, the responsibilities and obligations are not all one way and not everything falls on the landlord’s shoulders – tenants have their responsibilities too;

by far the most important requirement on the tenant’s part, of course, is to pay the rent when it falls due;

but the tenant also has a general duty to take care of your property and to treat it with the care due to any home;

the tenant also shares your duty of care towards the safety and well-being of any visitor that may be invited to the tenant’s accommodation – a duty upon which your insurers are likely to insist in the event of any injury or damage to the property of such a visitor;

the tenant also has a responsibility for informing you about any repairs that need to be carried out – the landlord’s failure to carry out necessary repairs may be one of the most frequent grounds for complaint by tenants, but unless the landlord has been informed of the need, it is not unreasonable to conclude that the landlord is in fact complying with his responsibility for keeping the accommodation in a safe and hazard-free state;

by the same token, your tenant has a responsibility for granting you reasonable access to the let accommodation in order to carry out any repairs.

In conclusion, a harmonious landlord-tenant relationship hinges on a clear understanding of legal obligations, effective communication, and proactive management. By prioritising these aspects, landlords can create a positive and sustainable environment for both themselves and their tenants.

Taxation

Rarely a subject to gain a lot of support, this year’s Autumn Statement contained snippets of good news about taxation for landlords.

Landlords with larger portfolios who are self-employed and earn profits of more than £12,570 will no longer be liable for Class 2 National Insurance Contributions with effect from the new tax year in April. They will still be eligible for contributory benefits though, including the State Pension.

Noting this gain for landlords, the National Residential Landlords Association (NRLA) also recorded its dissatisfaction with failures by the government on other taxation fronts:

there was no mention of the NRLA’s earlier arguments in favour of reintroducing mortgage interest tax relief;

the reduction of the tax-free allowance on Capital Gains Tax (£12,300 to £6,000 next year then £3,000 from April 2024) – a move likely to encourage still more landlords to sell up and quit the private rented sector altogether, argued Landlord Zone;

no change to the extra 3% premium landlords pay in Stamp Duty Land Tax – which could discourage landlords from investing in further property to let; and

no additional tax incentives for investment in private sector rental property.

Planning

One of the more controversial promises from the Chancellor would allow much greater freedom to create self-contained flats within a single dwelling.

Owners of single residences would be given the “permitted development right” to create two self-contained flats – provided there was no alteration to the façade of the building – without the need for formal planning permission.

Supporters of the move argue that the planning freedom will allow the creation of more affordable homes, but opponents are worried about changes to the character of a neighbourhood and the impact on available parking spaces.

Local Housing Allowance

Starting in the new tax year, the Local Housing Allowance will once again be aligned with the 30% level of local market rents.

The Letting a Property website explains that the Local Housing Allowance is used to calculate the maximum sum those on Universal Credit or in receipt of Housing Benefits can claim towards their rent in the private sector. Naturally, that sum varies depending on the actual rent payable, the size of the property, and its location.

With the Allowance once again aligned to 30%, it is estimated that some 1.6 million households will receive an annual average of £800 in housing benefits.

At the same time, Universal Credit itself will go up by 6.7% and the National Living Wage (the minimum wage) will go up to £11.44 an hour (an increase of almost 10%) – both are clearly related to lower-income tenants’ ability to afford private sector rents.

Mortgage Guarantee Scheme

The scheme exists to help borrowers buy their first home even though they have smaller deposits. The scheme guarantees the availability of 95% loan-to-value mortgages, and it will now stay in operation until at least the end of June 2025.

Renters Reform Bill

In an Autumn Statement that offered little comfort to many landlords, uncertainty persists about the future and implementation of the much-vaunted Renters Reform Bill.

As long ago as the Conservation Party’s manifesto of 2019, the Bill has promised a thorough shake-up of the private rented sector. The Chancellor’s Autumn Statement did nothing to dispel that continued uncertainty.

Please note that this is based on our current understanding of legislation, which may be liable to change.

Current property news headlines tend to paint a picture of falling house prices. But a story in Which? magazine on the 1^st of December indicated that average prices – based on official Land Registry figures – have fallen by only 0.1% in the past 12 months. The average price of a home in the UK remains close to the all-time high of £293,000 recorded in November last year.

Against that background, let’s take a peek at some of the other property news.

House Price Index: November 2023

When it compiled its house price index for November, the online listings website Zoopla recorded a somewhat steeper annual dip in average house prices – down 1.2% to £264,600 compared with the average price just one year ago.

Although rising mortgage interest rates have dampened demand, says Zoopla, the volume of transactions holds reasonably steady as the number of homes on the market reached a six-year high.

This has created something of a buyers’ market, with sellers granting discounts of an average of 5.5% or £18,000 on the advertised price.

Zoopla forecasts a continued decline in average prices during the course of 2024, but the fall could be arrested if mortgage interest rates are reduced.

Flat conversions may no longer need planning permission

During his Autumn Statement to Parliament on the 25^th of November, Chancellor Jeremy Hunt revealed government plans to abolish the need for planning permission when owners choose to convert a single house into two flats.

In its coverage of the proposals, the Mail Online recognized that the move is proving controversial because it could deny local communities the right of input to changes that could alter the character of the area.

Nevertheless, the government – and supporters of the plans – argues that the proposed “permitted development right” would encourage an increase in the supply of homes both for rent and for sale while also helping to lower the average cost of more affordable dwellings.

Slashing the need for red tape could help to increase the number of affordable homes, say commentators, although a higher number of residents will exacerbate parking problems and probably invite opposition from those already living in the neighbourhood.

Up to 50% of southern England landlords looking to sell up

The exodus of landlords from the buy to let market continues apace – though with notable differences in the south of England compared with the north, argued an article in Landlord Zone on the 30^th of November.

Landlords in parts of southern England, for example, are selling up and leaving the market altogether at the alarming rate of 52%. While half of the existing number of landlords are leaving in this part of the country, the rate is “only” 26% and 22% in the northern conurbations of Leeds and Manchester respectively. Across the country as a whole, the proportion of landlords giving up their buy to let businesses is around 17%.

The reasons for the north-south divide are many and varied. At least one reason advanced for the difference in attitudes among landlords is that the north has seen a higher rate of growth in the price of residential property in the past year – creating the impression of it being a safer place for investment than the south of the country.

Older renters moving to cheaper areas and smaller homes

Against the background of rising rents and a dearth of available properties, older tenants are looking to cheaper parts of the country and generally smaller homes in which to move, according to a story in Landlord Today on the 30^th of November.

The trend is supported by figures on the types of tenancy agreed by older renters with incomes of between £30,000 and £70,000 a year. In this sample, a recent survey indicated that during the first six months of this year fewer than half of new tenancies were for homes with three or more bedrooms (the remainder were for one and two-bedroom rental properties.

During the same period in 2020, however, 57% of new tenancies were for homes offering three or more bedrooms.

Whether you’re a homeowner, prospective buyer, landlord, or tenant, it pays to stay abreast of what’s leading the UK property news.

There’s rarely a dull moment, so let’s take a brief peek behind some of the latest headlines.

House Price Index – October 2023

On the penultimate day of the month, the online listings website Zoopla published its House Price Index for October. The principal takeaways from the latest update of statistics on the housing market are:

there is a substantial reversal in the market in the space of just one year – a year ago, prices were rising at an annual rate of 9.6% but now they are falling at the rate of 1.1% a year;

protective regulation of mortgage rates has helped to protect the housing market while domestic spending power remains poor;

while house prices continue to fall by an estimated 2% in the year to come, that reduction plus an increase in average earnings should improve affordability;

currently, house prices are falling in four of the UK’s principal housing markets – only in Scotland and Northern Ireland are average prices bucking the trend and showing a positive rate of annual increase; and

the volume of transactions is forecast to reach more than 1 million in the coming year – and this milestone could be surpassed if mortgage rates trend closer to their earlier 4%.

Over three-quarters of Brits feel more conscious about home safety in Autumn

A recent survey conducted by Landlord News shows that more than three-quarters of British households become more conscious than ever of safety in the home once the nights begin to draw in.

Various concerns emerged. Chief among these were:

a desire for better lighting outside the home – mentioned by more than 62% of those surveyed;

the installation of a burglar alarm or security system – more than 40%;

improved locks on windows and doors – 30% plus; and

participation in a neighbourhood watch scheme – more than 23%.

Gazundering fears on the rise as buyers pressure sellers to accept less money

“Gazundering” is the process by which house buyers apply pressure on sellers to accept a lower price for their property – and it is on the rise, according to a story in the Daily Mail on the 20^th of October.

Evidence for a significant rise in the practice comes from the newspaper’s revelation that there has been a 97% increase in internet searches for the term gazundering since the beginning of this year.

When there are fewer buyers in the market, the initiative passes to them in being able to exert pressure on sellers to sell at a lower price. Typically, buyers will wait until a relatively advanced stage of the proposed transaction when they will offer a reduced price simply to conclude the sale.

Landlords and Renters to save on council tax bills

The National Residential Landlords Association (NRLA) in a press release on the 27^th of October claimed credit for a change in the rules on the way Council Tax is assessed.

Thanks to pressure from the NRLA, it claims, the government has agreed that separate, individual rooms in shared houses will no longer receive their own band for Council Tax purposes. Instead, the tax will apply to the premises as a whole and landlords can once again include the appropriate share of Council Tax in individual rents.

In this way, tenants are also likely to benefit, says the NRLA – to the tune of up to £1,000 a month.

Weakening UK housing market: Mortgage approvals fall to lowest in eight months

Evidence of the weakening property market in the UK was illustrated by a story in Euronews on the 30^th of October.

It came in the shape of figures showing a significant decline in the volume of mortgage applications currently approved. In September, just 43,328 mortgage loans were approved – well short of the 45,000 anticipated within the industry and the lowest number since January.

Further evidence of a weaker market was also shown by two further indicators: the fact that mortgage repayments in September surpassed the value of new lending; and a reduction in remortgages – to values last seen as long ago as January 1999.

Storms, rain and snow can cause transport chaos and building damage in the UK. Now that we’re heading towards the dead of winter, it is still not too late to protect your investment property against the ravages of the elements.

Here are some tips and suggestions for catching up with those winterproofing measures:

What your tenants say

there is one winterproofing measure that may be easily overlooked, but comes completely free of charge – just talk to your tenants about any issues they want to raise as the weather gets colder;
your conversation might bring to light problems that can be nipped in the bud before they become a major issue, with the potential for causing damage to your property if it is unaddressed – this could include things such as condensation;
educate your tenants on how to care for the property during the winter. Encourage them to report any maintenance issues promptly, such as leaks or heating problems. Providing them with a winter maintenance checklist can also help keep your investment property in good shape.

Insulation

when it’s cold outside, of course, you want to keep it warm inside – and to make the most of the energy you and your tenants consume doing just that, you need to insulate the building well;
insulation repays itself in two ways – it helps prevents pipes freezing and the inevitable escape of water when they burst, but your tenants will also thank you for the reduction in energy bills by keeping inside more of the heat generated;
proper insulation is the cornerstone of winterproofing your property. Insulation helps to maintain a comfortable temperature, reduce energy costs, and prevent heat loss. Insulate the walls, roof, and floors to create a thermal barrier that keeps the cold out and the warmth in. This investment can save you money on heating bills and make your property more attractive to tenants.

Semi-heated spaces

don’t overlook spaces that you keep semi-heated – in common areas of your let property, for example;
an ambient temperature of between 45ºF and 50 ºF (7.2ºC and 10ºC) is recommended;

Heaters and boilers

to keep the heat in, you first need to generate it – and, as the landlord, providing a working heating system for your tenants in winter is a basic obligation;
check that electric, gas, and open fires are working (ensuring that the required carbon monoxide detectors are functioning too) and have any central heating boiler professionally serviced;
that is also the time to check the plumbing system more generally, making sure that valves and fittings are not leaking and that electrical controls and thermostats are working properly;

Keeping the water out

keep the warmth in, but the water out;
hopefully, you remembered to check the condition of the roof, guttering and other rainwater goods before the onset of the worst of winter’s storms;
it’s not too late – but you or your tradesman will want to do it when the weather is relatively clement – so, check for dislodged slates or tiles on the roof and unblock gutters and downpipes to clear them of leaves and other debris that has been blown in on winter winds;
basements or cellars are particularly vulnerable to water intrusion. If your property has a basement, ensure it is properly waterproofed. Consider applying a waterproofing paint or membrane to the walls and floors. Install a sump pump to prevent water build up during heavy rain and provide adequate drainage away from the property;
proper landscaping can help manage water runoff. Make sure the land around your property slopes away from the foundation to encourage water to flow away from the building. Consider adding French drains or trenches to divert water from your property;
if your property has below-grade windows or window wells, install covers to keep rainwater, debris, and snow from accumulating in these areas. This prevents water from seeping into your property through these openings.

Alarms

smoke alarms are all the more important during the festive season, when candles and other naked flames may increase the risk of fire – so, make sure that the batteries are fully charged, and the devices are functioning;
the same goes for any security systems you might have installed – they help to protect your investment property but also add to the sense of safety enjoyed by your tenants.

Prepare for Emergencies

Create an emergency plan that includes contact information for maintenance professionals and contractors. This will ensure that if a problem arises during the winter, you can address it promptly, preventing further damage and tenant discomfort.

Winterproofing your investment property is unlikely to take a great deal of time or money, but the work done in securing the premises and making them safer and healthier for your tenants is almost certain to pay dividends.

Further reading: Getting your property winter-ready and Winter-proof your garden.

Yes, it is. There are though occasionally some slight differences of context surrounding the use of the two terms.

What is buy to let insurance?

Buy to let insurance is a type of insurance policy specifically designed for property owners who rent out their properties to tenants. This insurance typically covers the physical structure of the property and provides protection against risks such as fire, theft, vandalism, and damage to the building. It may also include cover (if required) for any contents that belong to the landlord, such as furniture or appliances that are provided with the rental property. Buy to let insurance is primarily focused on protecting the property itself and the landlord’s (and the lender’s) financial interests.

Buy to let insurance is commonly used in situations where the landlord is applying for some form of loan or mortgage in order to help them purchase a property. That’s because, in most circumstances, a lender offering substantial sums by way of a mortgage will typically wish to see some form of security over the property concerned.

This is sometimes called a buy to let mortgage and at the outset the provider of funds is likely to insist that you also maintain insurance to protect the building and therefore the asset you have used to offer them security for their loan.

The logic is that if the property was severely damaged and you did not have insurance to pay for its restoration, it may end up being worth considerably less than the sum of money the lender has lent you.

So, insurance is essential if you are to avoid being in breach of your mortgage contract.

What is landlords’ insurance?

Landlords’ insurance is a broader term that encompasses various types of insurance policies designed for landlords. While it includes buy to let insurance, it can also include other types of cover, such as liability insurance. Landlords’ insurance often includes public liability cover, which protects the landlord in case a tenant or visitor is injured on the property and holds the landlord responsible. It can also cover – if required – loss of rental income in case the property becomes uninhabitable due to covered events.

In the context of the letting business itself, established landlords and specialist providers of policies will typically call this area landlords insurance or let property insurance.

This is purely a matter of convention though and as stated above, the terms may be used interchangeably, as they refer to the same type of policy providing the same type of cover.

Note though that landlords unoccupied property insurance is entirely different and something that should be taken seriously in terms of avoiding gaps arising in your property’s insurance.

Owner-occupier cover is, of course, different again.

This is sometimes called a buy-to-let mortgage and at the outset the provider of funds is likely to insist that you also maintain insurance to protect the building and therefore the asset you have used to offer them security for their loan.

So, insurance is essential if you are to avoid being in breach of your mortgage contract.

In the context of the letting business itself, established landlords and specialist providers of policies will typically call this area landlords insurance .

This is purely a matter of convention though and as stated above, the terms may be used interchangeably, as they refer to the same type of policy providing the same type of cover.

Note though that landlords unoccupied property insurance is entirely different and something that should be taken seriously in terms of avoiding gaps arising in your property’s insurance.

Owner-occupier cover is, of course, different again.

The household bills have rocketed for just about everyone in recent months. Quite rightly highlighted in the media – and recognised by the government – some of the most critical expenditure is likely to be on your domestic energy.

You’re probably anxious to tighten your belt as far as all household bills are concerned so here are some tips and suggestions for saving money on your energy costs.

Save money by switching your supplier (or energy tariff)

Of course, you’ll want to make sure that you are paying a competitive rate for the energy you consume – and, in the recent past, that has meant that many customers could save money simply by switching suppliers.

Currently, however, the picture is less clear and the calculations involved in making the necessary price comparisons are more complicated. As a story in The Times newspaper on the 27^th of August 2023 pointed out, energy prices have been unpredictable – they could be going up, going down, or remaining more or less stable.

Various sites – including, for example, Citizens Advice – publish detailed instructions for switching your energy supplier. In any event, the critical calculation will be whether any alternative offers a more competitive price for the energy you consume.

If you are looking for greater certainty in a market where prices and price caps are fluctuating, you might want to consider the advantages of a fixed-rate tariff. Although this will guarantee the price you will be paying, of course, you could be losing out if prices in the market subsequently fall. You will also be more restricted in leaving any fixed-rate deal if you later decide to switch suppliers once again.

Save more than £300 a year by upgrading your heating controls

BEAMA – the UK trade association for manufacturers and providers of energy infrastructure technology and systems – has conducted research on the savings likely to be achieved in different housing types simply by upgrading the basic heating controls. Those controls include thermostatic radiator valves, room thermostats, and smart-controlled programmers.

Basing the findings on energy prices up to the end of September 2023, BEAMA found that savings from a “full upgrade” of heating controls could save owners of a detached house more than £500 annually and those in a flat or apartment about £154 a year – with the average estimated savings for all types of housing £303.89.

Easy pickings

Every little helps. In recognition of the way that even fairly small changes and adjustments can achieve worthwhile savings, the Consumers’ Association’s Which? magazine recently suggested the following:

cleaning routines – simple things like descaling the kettle, cleaning the cooling coils on the back of the fridge, cleaning the lint from the filter on the tumble dryer, and defrosting the freezer all help the appliances to work more efficiently – saving on energy;

although you’ll want to avoid putting just a single garment into the tumble dryer, dry different clothes separately according to the fabrics from which they’re made – different fabrics take different times to dry;

even better, of course, don’t use the dryer at all but hang your washing outside to dry in the fresh air;

wait for food to cool before storing it in the freezer;

do you really need that 40° setting on the washing machine whereas 30° could be perfectly acceptable for your standard wash – regularly saving yourself the cost of heating that extra 10°;

regularly bleed the radiators of your central heating system to keep them operating at optimum efficiency;

move furniture from in front of your radiators and let the heat warm the room instead;

help to keep that heat in by always closing the curtains at night;

remembering to turn off the lights whenever you leave the room empty will not save a great deal immediately – but over the course of a year those small savings will mount up;

turn off gadgets and appliances at the mains instead of leaving them on standby – you could save yourself an average of £6 a year;

if you have the oven on, remember that you’ll be losing heat every time you open the door – so, keep it closed as long as you can;

cooking is responsible for around 14% of your energy consumption – according to British Gas – so, rather than the cooker, consider more energy-efficient microwaves, air fryers, or slow cookers

where your appliances have an “eco” setting, remember to use that whenever possible; and

load the dishwasher correctly and run the cycle only when the machine is full.

More easy pickings

Unsurprisingly, the Energy Saving Trust also offers a list of energy and money-saving tips and suggestions that are easy and cheap to implement:

draught-proofing gaps around windows, doors, and floorboards could save you up to £105 a year – according to the Energy Saving Trust’s calculations based on energy prices at the end of October 2023;

swap your bath for a shower at least once a week and the savings could amount to £14 a year;

then when you stand under the shower keep it to just 4 minutes and you could save a further £75 a year;

simply insulating your hot water cylinder could save a further £50 a year, says the Energy Saving Trust; and

savings of £31 a year can be made in the kitchen by making sure you are not overfilling the kettle each time you boil water and by fitting an aerator on the kitchen tap to reduce the volume of water that comes out of it (without otherwise restricting its efficiency).

Natural energy

As you might expect, the Centre for Sustainable Energy (CES) points householders in the direction of using natural, renewable, sources of energy – and, in September 2023, it focused its discussion on the currently hot topic of heat pumps as alternatives to conventional central heating boilers.

The single biggest such source of natural energy comes from the sun, of course, and you can harness its power by hanging out your washing to dry on a sunny day, rather than turning on the tumble drier, investing in solar panels as an alternative source of energy for your property, and by enjoying the health-giving rays of sunshine on your bicycle rather than sitting in your car to go to the shops.

Landlords – consider an energy audit

If you are a landlord – especially one responsible for managing the communal energy needs of a block of flats – you might want to consider the benefits of a comprehensive energy audit. Through this, you might satisfy yourself that the energy you consume is used in the most efficient ways possible and that any changes are made to secure more economic energy consumption.

Once again, the Centre for Sustainable Energy claims to provide particular support for landlords concerning energy-efficiency measures.

Summary

We hope this discussion and its various tips and suggestions have given you some ideas of how you can cut energy costs around your home or let property.

Further reading: How to cut energy bills and How to improve your property’s EPC rating.

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