At David Harris & Co, we do a lot of work to ensure landlords remain up to date with regulations impacting their business. We know how tough it is being a landlord, and if you ever have questions, we are here to assist you.
Some changes scheduled to come into effect this year are likely to impact landlords in Finchley, and we want to ensure you are aware of these issues.
Are you aware of EPC changes?
From 2025, all newly rented properties will be required to have an EPC rating of C or above. However, according to a new survey, 15% of landlords still have no knowledge of the upcoming changes to EPC rules.
A new study carried out by Shawbrook Bank suggests 15% of landlords are unaware of changes to Energy Performance Certificate (EPC) rules. This could see some rental properties become “unrentable”, so it is vital landlords familiarise themselves with the projected changes.
25% of landlords say they have little to no knowledge of proposed changes to the EPC regulations.
Adding these two groups together creates a situation where 40% of landlords have no more than a vague awareness of something that will significantly impact their business.
There are many old properties in the UK rental market
36% of landlords have properties that were built before 1940.
Over 40% of landlords in the following area say their property was built before 1940:
· London
· South West of England
· Scotland
· Wales
Will this issue affect landlords in Finchley?
It is believed that Victorian properties account for 13% of the rental stock across the UK.
Then diversity of property types in Finchley is just one of the many charms in the local area, but it does mean some homes in the area might need extra attention when it comes to EPC ratings.
There are Edwardian homes, Victorian properties and many houses dating back to the 1930s. These are glorious homes, offering space and style, but they might need more work to meet the required EPC rating.
If you have any questions about how these changes will affect the Finchley lettings market, please get in touch, and we will be more than happy to assist you.
What do the specialists say?
Emma Cox, Sales Director at Shawbrook Bank, comments: “The true extent of what this legislation could mean for the market has not yet been properly realised. Inaction could see a considerable percentage of the private rental sector declared unrentable or unsellable within a matter of years if landlords don’t take important steps now. Making changes to improve a property’s energy efficiency rating will help to improve the overall energy efficiency of the UK housing stock and to assist the government in meeting the ambitious net-carbon zero targets set out earlier this year. But on a more direct level, making the improvements ahead of the impending 2025 deadline will ensure that properties remain commercially viable for the short and long term for landlords. Putting off making necessary changes could leave landlords exposed to extended void periods when their property can’t be rented out while works are being completed.”
Emma concluded by saying; “Mortgage lenders, and key players in the market, have a big role to play in supporting landlords by helping them to understand the new legislation, the potential impact this could cause and how to take action if required. Our research indicates a clear gap in landlords’ understanding of how the changes will impact them and their current yields. As well as these risks to landlords, renters may also be put in an even worse position as they compete for a smaller number of properties that are rated C or above after the 2025 deadline.”
We can help you in the Finchley lettings market
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.
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