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Oct 30, 2023
Housing Insight Report: September 2023
More concerningly, the vast majority of properties continue to sell below asking price pointing to a pricing correction despite average house prices continuing to rise. Governments across the UK continue to tinker with legislation and legislative programs, disincentivising landlords along the way. Supply in the PRS remains tight with far more applicant registrations than properties available. To download the full report and read or more details, please see the following article from Propertymark: https://www.propertymark.co.uk/resource/housing-insight-report-september-2023.html
Oct 23, 2023
Abolition of Section 21 to take place after substantial court reforms occur
With the Renters (Reform) Bill receiving its Second Reading in the House of Commons today, 23 October 2023, the UK Government has responded to recommendations made by the Levelling Up, Housing and Communities Committee (LUHCC), promising to align the removal of Section 21 with court improvements, protect the right of landlords to set rents in line with the market, and ensure the student market is protected with a new ground to guarantee landlords can gain possession each year. For more details please read the following article from Propertymark: https://www.propertymark.co.uk/resource/abolition-of-section-21-to-take-place-after-substantial-court-reforms-occur.html
Oct 16, 2023
What are the 10 most in-demand features for buyers and renters?
An interesting report from Rightmove, looking at data from 600,000 property listings and identifying the top 10 in-demand features for buyers and renters. A very useful study if you're a seller or landlord looking at listing your property. To read the full article on Rightmove visit: https://www.rightmove.co.uk/news/articles/property-news/10-most-in-demand-features-buyers-renters/
Oct 9, 2023
Leaseholders to benefit from new insurance rights and protections...
In addition, the Department for Levelling Up, Housing and Communities (DLUHC) has stated it will act to ban the payment or sharing of insurance commissions with property managing agents, landlords and freeholders. Since the Grenfell tragedy in 2017 insurance costs for leasehold properties – particularly in mid and high-rise buildings – have soared. Whilst this has largely been driven by properties with flammable cladding and other material fire safety risks, an FCA investigation revealed wider issues in the insurance market that have led to poor outcomes for leaseholders who ultimately bear the cost of the insurance cover. For more details please visit: https://www.propertymark.co.uk/resource/leaseholders-to-benefit-from-new-insurance-rights-and-protections.html
Oct 2, 2023
What the Energy Price Cap change means for energy bills...
The Energy Price Cap is the maximum amount energy suppliers can charge you for each unit of energy you use. It’s updated every three months by energy regulator Ofgem, to make sure that prices reflect changes in underlying energy costs as well as inflation. The cap was reduced from July to September, limiting the average bill for a typical household using gas and electricity (and paying by direct debit) to £2,074 year, or about £173 a month. Wholesale energy prices have now fallen further, so Ofgem has announced another drop from October to December, reducing the cap by around 7% to £1,923 a year, or about £160 a month. For more details visit: https://www.rightmove.co.uk/news/articles/property-news/energy-price-cap-change-oct-2023/
Sep 29, 2023
It's Meter Reading Week!
So for the 90% of English, Scottish and Welsh homes on a price-capped tariff (more or less everyone who isn't on a fixed rate), in simple terms, for every £100 you're currently paying, you'll pay roughly £93 from Sunday 1st October 2023. This doesn't apply to those with a working smart meter, but if you don't have a smart meter, or it doesn't work, we suggest taking a meter reading within a few days either side of the rate change to reduce the risk of your supplier estimating you've used more at the higher rate than you actually have. Take a picture of the meter for extra peace of mind!
Sep 25, 2023
Energy efficiency deadlines scrapped for landlords and homeowners
Energy efficiency to be incentivised not mandated as energy efficiency deadlines scrapped for landlords and homeowners. Policies to force landlords to upgrade the EPC rating of their properties have been ruled out, although the UK Government will continue to encourage improvements. This provides some relief to hard-pressed landlords who have been worried by the potential investment needed to at a time when budgets are squeezed for everyone. For more details: https://www.propertymark.co.uk/resource/energy-efficiency-deadlines-scrapped-for-landlords-and-homeowners.html #greatmissenden #estateagentuk #chilternhillsproperty #marketnews #energyperformanceuk
Sep 15, 2023
LANDLORDS AND AGENTS CAN ACCESS GREATER LEVELS OF FUNDING TO IMPROVE THE ACCESSIBILITY OF PRIVATE RENTED SECTOR PROPERTY
The Department for Levelling Up, Housing & Communities (DLUHC), has announced a £50 million fund to help older and disabled people in England, make adaptations to enable them to continue to live independently in their own homes. The additional funding will be available as adaptation grants from local authorities and is open to people living in the Private Rented, social housing, and owner-occupied sector. Where required and appropriate, this is an opportunity for agents to signpost landlords and tenants towards the funding. Agents and landlords can access the funding from the local authority Disabled Facilities Grant (DFG), providing they have a tenant living in the property that requires the adaptation. Currently, DFG’s can be used to fund up to £30,000 towards adaptation in England. https://www.propertymark.co.uk/resource/funding-to-improve-the-accessibility-of-prs-property.html 12th September 2023