In a study by Mortgage Advice Bureau, close to 20% of prospective home buyers wouldn’t purchase a home that had an Energy Performance Certificate (EPC) rating of C. The same study shows 46% of prospective buyers state they would prefer to have a home with great insulation, which is higher than the 29% who would rather a large garden.
It doesn’t take much to extrapolate this out to the rental market. In some cases, tenants will not want to invest in a property that isn’t up to the expected standard, but they might be willing to rent in the shorter term. This is positive news for landlords as it should ensure demand for rental property remains high.
However, if tenants start to demand these higher standards from rental property too, it could place landlords under greater pressure. At David Harris & Co, we aim to provide landlords and tenants with the highest standard of service, so if you need guidance on these matters, we are here to assist you.
Brian Murphy, head of lending at Mortgage Advice Bureau, explains the importance of having a higher EPC rating: “We’re increasingly seeing buyers who are placing greater importance on energy efficiency, as having a higher EPC (especially in the winter months) will likely mean lower energy bills for the owner. This is something that everyone is keen on, with the cost-of-living crisis showing no signs of abating.
"What many might not know is that in buying a higher-rated property, you could also become eligible for a green mortgage, a specialist mortgage for someone with an environmentally friendly home. This means that not only will you get a discount on energy bills, you could also lock in a cheaper mortgage rate.”
84% of respondents said it was vital to make their home energy efficient, and 71% said they would like to make changes which will lower their energy bills.
These are effective ways to better manage your property with respect to energy usage.
Another way to lower your energy bills is to use energy-efficient appliances. Energy-efficient appliances use less energy than traditional appliances, which can help you save money on your energy bills. When shopping for new appliances, look for the Energy Star label, which indicates that the appliance meets strict energy-efficiency standards.
If you’re looking for a more long-term solution to lower your energy bills, you may want to consider installing solar panels. Solar panels are a great way to reduce your reliance on traditional forms of energy, such as coal and natural gas. Additionally, solar panels can increase the value of your home.
One of the best ways to keep your home warm in winter and cool in summer is to insulate it properly. Proper insulation can help to reduce heat loss in winter and heat gain in summer, both of which can lead to higher energy bills. When insulating your home, be sure to add insulation to attics, walls, floors, and crawl spaces.
Another way to improve the insulation of your home is to seal any air leaks. Air leaks occur when there are gaps or cracks in a home’s envelope, such as around doors and windows or in the attic or crawl space. Sealing these air leaks can help to improve the insulation of your home and lower your energy bills.
A programmable thermostat is a great way to save money on your energy bills by automatically adjusting the temperature of your home based on your schedule. For example, you can set the thermostat to lower the temperature when you’re away from home or asleep and raise it again when you wake up or come home.
We have assisted many Finchley landlords connect with tenants, and we know where these groups are looking for rental property. You can take the stress out of connecting with your ideal tenant by turning to a local letting specialist in Finchley.
If you want to make an informed decision in and around Finchley’s letting market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
