Landlords “fleeing” the sector because of changes to EPC requirements
PRESS RELEASE: Changes to Energy Performance Certificate rules is leading to landlords “fleeing” the sector, a leading property association warns today. Under new Government proposals all rental properties will need an EPC rating of C or above from 2025.
The National Association of Property Buyers said despite there being two years until the rule-change, it was already having an impact on the sector. And they warned, ultimately, rent prices already soaring in many parts will rise even higher.
Spokesman Jonathan Rolande said: “The proposed upgrade to EPC legislation is the latest in a long line of disadvantages of owning a Buy To Let . To make properties cheaper to keep warm, and to help the country meet its green targets, landlords will soon have to spend up to £10,000.
“Whilst landlords of expensive properties in places like London or Manchester can take this in their stride, the thought of spending £10,000 on a home worth £80,000 will be a catalyst to see yet more landlords flee the sector.
“If these homes sell to owner occupiers, there will be increased scarcity of homes to rent, potentially forcing up prices yet again. Many landlords are already getting out and I suspect more will follow.
“At the moment if a landlord has a sizable mortgage, owning BTL for the rental income is virtually pointless. Months or even years of profit can disappear in one go if there’s a costly boiler issue or the managing agent of the block decides a new lift is required.”
Mr Rolande’s comments come just days after the Bank of England sounded the alarm over a worsening rental market crisis which many experts say could be deepened by the EPC changes.
From 2025, under the current proposals all newly rented properties will be required to have an EPC rating of C or above. Currently, properties only require an EPC rating of ‘E’ or above. Existing tenancies will have until 2028 to comply with the new rule changes. While awareness is beginning to grow around these proposals, there is still much consideration that needs to be given to the actual impact that these changes will have on landlords and property owners.
There is a real concern that a substantial amount of properties risk potentially being declared ‘unrentable’ and subsequently ‘unsellable’ or ‘unmortgageable’ due to landlords being uninformed about what the changes will mean for current and prospective tenancies.
Lettings Agency accommodation.co.uk Joins Forces With Award-Winning Estate Agency Yopa
PRESS RELEASE: Accommodation.co.uk, one of the UK’s fastest growing letting agents, has partnered with Yopa, one of the largest national estate agencies in the UK.
The partnership will allow both companies to offer a more comprehensive service to their customers, with Yopa offering Accommodation.co.uk’s lettings service to homebuyers & landlords who intend to rent out their property, and Accommodation.co.uk offering Yopa’s service to landlords who are looking to sell.
The partnership will launch in selected territories in England, Scotland, and Wales, with a plan to roll out nationally later in 2023 based on customer demand.
Aaron Short, CEO of Accommodation.co.uk, comments:
“We are very excited to be partnering with a business as forward-thinking as ourselves in order to provide a sales and lettings service to all our clients whilst still focusing on what we do best. This is going to give our landlords an easy way to sell their properties, and Yopa’s vendors an easy way to let theirs.”
Verona Frankish, CEO of Yopa, adds:
“Yopa’s partnership with Accommodation.co.uk enables both businesses to widen their service offering to customers by partnering with experts in each relevant field. We will do this using the best blend of people and technology, and ensuring customers have the most up-to-date information to make the right decisions for their future based on their needs.”
Accommodation.co.uk is currently crowdfunding on the Seedrs platform with 80 investors and over 78% of its target already reached. This crowdfunding campaign will enable the company to launch more branches across the UK. If you are interested in investing in Accommodation.co.uk, read about their campaign here.
Proptech and Property News in association with Estate Agent Networking.
Andrew Stanton is the founder and CEO of Proptech-PR, a consultancy for Founders of Proptechs looking to grow and exit, using his influence from decades of industry experience. Separately he is a consultant to some of the biggest names in global real estate, advising on sales and acquisitions, market positioning, and operations. He is also the founder and editor of Proptech-X Proptech & Property News, where his insights, connections and detailed analysis and commentary on proptech and real estate are second to none.
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Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
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Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
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Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
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Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
