Recent property news headlines have raised doubts about the effects on the private rented sector of stricter energy efficiency ratings while other sections of the press instead suggest ways in which your holiday home can be made more sustainable.
Here we look at some of the recent UK property news headlines …
Landlords may sell over strict EPC targets
The government’s drive to increase the energy efficiency standards in all housing in England and Wales might have the effect of forcing buy to let landlords to sell up and quit the market altogether, according to research in Landlord Today earlier this month.
Legislation currently in place requires any let property to achieve a minimum rating of E for its Energy Performance Certificate (EPC). There are official plans to increase this requirement to a minimum C rating for all new tenancies with effect from 2025 and for all tenancies by 2028.
More than half of the landlords surveyed who owned properties rated D or below are considering selling up (either some or all their properties), says the study. This is because they don’t think they’ll be able to either complete or finance work to reach the required standard.
Making your holiday home more sustainable
Meanwhile – in a different sector of the UK property market – owners of holiday homes and lets are advised in an article in Property Wire on the 25th of November about ways of making their properties more sustainable:
- to show that you are truly serious about making an eco-friendly difference, you might consider switching to alternative energy sources such as wind, solar, or hydro power – this could reduce the carbon footprint of your holiday home by up to 80%;
- but you do not need to make such radical changes to make a difference – simply replacing your lightbulbs with LEDs will also result in 80% greater energy efficiency and the bulbs themselves are likely to last some 25 times longer;
- sustainability is also about saving water and reducing your consumption of this valuable resource – savings that can be made by installing restricted-flow taps, water-efficient showerheads, and dual-flush toilets (which typically use just 4 litres of water compared to the 13 litres of a standard cistern);
- when you are staying in your holiday home or you have let it to paying guests, encourage people to engage in eco-friendly activities in and about the property rather than relying always on outings in the car; and
- attention to small details, such as a ban on single-use plastics and reliance, instead, on refillable containers and dispensers will contribute to your efforts towards sustainable living.
One in 16 homes to have changed owner in 2021
A story in the Express newspaper on the 29th of November shone a light on what has been a record year for residential property transactions – the busiest in 14 years.
Citing data compiled by online listings website Zoopla, the article revealed that one in every 16 of the homes in the UK changed hands during the past 12 months.
As the volume of transactions reached its largest in almost 15 years, average house prices also raced to keep pace – with the average surpassing £240,000.
Although demand continues to outstrip supply, there is evidence that prices are now rising less steeply and that the surge in property transactions may be more subdued.
Rent increases hit 13-year high as demand in major cities doubles
With the gradual lifting of Covid pandemic restrictions and a return to office working for many people, a resurgence in demand for inner-city rental accommodation has prompted rent rises currently striking a 13-year high, according to online listings website Zoopla on the 16th of November.
The imbalance between rising demand and faltering supply is affecting the private rented sector in much the same way as homeownership. Demand for rental accommodation is currently 43% above average, says the article, while supply is 43% below average.
The imbalance has fuelled an increase in rents outside London so that the average currently stands at £809 a month, which is 6% higher than at the same time last year.
