UK property news headlines have revealed attempts to curb overheating in new homes, the likely impact of an increase in interest rates, the impact of benefits cuts on tenants, and the lengths to which some tenants will go to secure improved air quality indoors.
So, let’s take a look behind those headlines.
New rules for new build conservatories
A blow has been struck to those many house hunters who have been hoping for a conservatory with the new home they intend to buy.
In a story on the 19th of January, the Daily Mail revealed intentions by the government to issue a ban on the construction of certain conservatories on new-build homes.
To meet new building regulations, it will have to be shown that any proposed conservatory avoids creating “unwanted solar gain”. Under the sun of British summers already – and into the near future – glass-paned conservatories can become unbearably hot and overheat the rest of the house as result.
It is forecast that summer temperatures could reach 40° or more in the future and the proposed restriction on conservatories is but one element in a raft of measures designed to manage the effects of global warming.
Interest rates hiked again as the cost of living rises
On the 3rd of February, the Bank of England increased the base lending rate from 0.25% to 0.50%.
In a posting on the 4th of February, the online listings website Zoopla commented on the effect of the hike in the cost of borrowing for homeowners. It calculated that an estimated two million borrowers currently on their lender’s variable rate of interest will end up paying more in monthly repayments – or will need to extend their mortgage term.
For someone with a ÂŁ200,000 mortgage, Zoopla calculates, the increase will cost an extra ÂŁ24 a month.
Revealed: damage of benefit cuts to renters
In a press release on the 20th of January, the National Residential Landlords’ Association (NRLA) revealed that one in ten landlords reported that tenants in receipt of Universal Credit have faced difficulties in finding the rent as it falls due.
The temporary increase in Universal Credit has now been cut back and tenants have been feeling that impact. Official figures show that 55% of tenants in the private rented sector face a shortfall between the welfare benefits they receive and the rent they have to pay.
That problem will only be made worse, says the NRLA, as tenants are further hit by inflationary increases in the cost of living.
Tenants “will pay more for homes with improved internal air quality”
The quality of the air inside their home is important to tenants in the private rented sector, reported Landlord Today on the 4th of February.
In a recent survey, 70% of tenants said that they would be prepared to pay a higher rent in return for better air quality indoors. The numbers can be expected to have grown after successive coronavirus lockdowns during which tenants have had to stay at home.
While seven out of ten tenants would be prepared to pay more in rent, 16% said they would be prepared to pay as much as 25% more.
Typically, internal air quality is measured according to the presence of five elements – temperature, humidity, organic chemicals (that vaporise into harmful gases), carbon and fine particles.
