At David Harris & Co, we know there are many challenges for landlords to meet in and around Finchley. There is considerable demand for rental property in this part of London, which is brilliant news for people looking to enter the lettings sector.
Of course, there are some challenges for new landlords, including:
· High demand for property, making it harder and more expensive to snap up rental accommodation
· New legislation which rental property must comply with, including energy-efficiency ratings
What do you know about EPC?
The topic of rental property and EPC (Energy Performance Certificate) ratings has been a hot one of late. With changes coming soon, landlords know they must improve the energy-efficiency of their rental property.
A study conducted by Landbay suggests 53% of large portfolio landlords would consider purchasing property with an EPC rating of D, so they could upgrade.
The same study found:
· 32% of portfolio landlords, holding between four and 10 properties, would purchase a property with an EPC rating of D to upgrade
· 20% of non-portfolio landlords would do the same
Would you buy a property and improve it for rental market?
The same study spoke with landlords who are aware of the forthcoming EPC changes, and green mortgages. 70% of landlords said they were aware of Government proposals which will see rental properties requiring an A, B or C rating. 84% of these respondents said they would like to receive the incentive of a discounted interest rate.
The findings indicate 68% of landlords held at least one rental property with an EPC rating of D or less. Of these landlords, 80% say they intend to upgrade the property to at least a C rating.
The research also revealed that 68% of the landlords surveyed had properties with an EPC rating of D or lower. However, the majority of those (80%) intend to make changes to bring their properties up to at least a C rating.
Paul Brett, managing director, intermediaries at Landbay, said: “Our survey shows that most landlords are aware of the potential new EPC rulings by 2025 and many will have to upgrade their properties to a C rating. Some of them, especially the larger portfolio landlords with 10 or more properties, are looking at how they can turn this to their advantage. Buying properties and making them more energy efficient will raise the value of the property and the rental income landlords can charge, as well as reducing tenants’ energy bills. A few extra thousand pounds spent at the buying stage will be an investment for the longer term. As awareness of EPC requirements and green mortgages improves, I expect to see many more landlords taking advantage of the lower rates offered by the green mortgage.”
Contact David Harris & Co to let in Finchley
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.
