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Few people consider the energy rating of a property when they move in the UK
Just one in 10 people currently consider the energy efficiency rating of a property important when moving house with parking and local amenities considered more important, a new research poll has found. This is despite a poor rating potentially resulting in wasting thousands of pounds worth of energy per year, according to the study from construction and regeneration company, Keepmoat. The energy efficiency rating of a home is found on the Energy Performance Certificate (EPC) that is required whenever a property is bought, sold or rented. EPCs not only rate properties between A and G but also include information on how much energy a property uses, typical energy costs and how to reduce energy usage. Among the factors considered more important than a good energy efficiency rating were being close to local amenities for 35.9%, parking for 30%, good transport links for 35.9% and green space for 26%. The only factor on the poll considered less important was investment potential mentioned by 10%. The results suggest that awareness of the importance of energy efficiency is low across all regions of the UK, however, Nottingham was home to the highest percentage of respondents who considered a good rating a priority when moving house at 16%. While people in Edinburgh were least likely to rank energy efficiency as a priority at 4%. ‘For many households, energy bills are one of the biggest expenses and understanding much energy a new house or flat will use, as well as what they can do to reduce these bills, can go a long way to reducing their outgoings,’ said Nigel Banks, sustainability director at Keepmoat. ‘However, the results of our survey clearly show many people are not prioritising the energy efficiency rating of a property when moving home and this could well be a decision they regret when they get their first winter energy bills. People should try and consider the total cost of living in home, including mortgage repayments or rents as well as bills,’ he added out. He also pointed out that buying a new home can also mean a huge reduction in household bills as they are generally six times more energy efficient than older homes. He said that living in a new home can reduce gas and electricity bills by more than £500 per year. Continue reading
Spanish property market recovery fastest in the Balearic Islands
The Spanish Balearic Islands, which reported some of the lowest house price falls in Spain during the six year economic downturn, is now experiencing the fastest and highest rises in the country. The strong property market is being supported by a healthy tourism sector and a multi-national house buying population, according to Alejandra Vanoli, managing director of Mallorca Sotheby’s International Realty. She pointed out that Calvia alone has 19,000 non-Spanish residents from 100 different countries and this year the firm is selling more houses than ever. In Ibiza it is a similar story. According to Glynn Evans, the firm’s managing director in Ibiza the international buyers are attracted by exciting culinary business ventures from multi-Michelin starred chefs, supercar and powerboat championships, 70 metre plus berths for the finest private mega yachts and several new five star hotels. On top of this, at the end of April, the Bank of Spain confidently declared an end to the property crisis. José Luis Malo de Molina, said that ‘the adjustment in the housing sector, in principle, is complete’ and ‘the process of price adjustment, in principle, has already bottomed out’. The mortgage market is also well into recovery. Data from Spain’s National Institute of Statistics show that property loans in the Balearics, for example, were up 36.2% in February 2015 over the previous year, above the national average of 29.2%. Meanwhile, the Spanish rental sector is also improving. Average rents increased by 0.2% in April, compared to the previous month, to €6.98 per square meter per month, according to the data from property portal Fotocasa, and year on year they increased by 1%. ‘In the last few months we have gone from registering widespread declines in home rental prices, to registering increases in every region except one. Rental prices, therefore, are starting to increase in most of the country,’ the Fotocasa report said. But rents are still down 31.1% since the peak of the rental market in May 2007 when it was €10.12 per square meter per month and all regions have seen serious declines since the peaks before the economic downturn. Rental prices have fallen the most in Aragon with a decline of 41.9%, are down 37.8% in Cantabria, down 36.5% in Valencia, down 35.9% in Castilla-La-Mancha, down 34.8% in Murcia, down 30.5% in Rioja, down 30% in Asturias and down 29.5% in Andalucia, since the peak of the market. However, prices increased in April month on month in all regions except in Castilla-La Mancha where they fell by 0.1%. Rental prices increased the most in La Rioja with growth of 4.2%, they increase by 3% in the Balearic Islands, and by 0.9% in Madrid. Continue reading
Scottish rents 1.6% higher than a year ago, latest data shows
Rents in Scotland have increased 1.6% compared to last April, marking a step up in annual rent growth after a period of cooler price rises, according to the latest index. This is the fastest year on year increase in rents for five months, according to the Scotland buy to let index from Your Move, one of Scotland’s largest lettings agent networks. Coming back from a winter dip, the pace of rent growth has increased solidly from a 1.3% annual rise in March 2015, and 1.1% in February. As of April 2015, the average residential rent across Scotland stands at a record £539 per month, matching the peak set in November 2014. While rent growth is quickening on an annual basis, in the month to April, average Scottish rents rose just 0.1%, the data also shows. ‘Scottish rents have peaked at a new apex, as lethargic supply of rental homes fails to match up to towering demand for homes to let. After rental prices plateaued over the winter months, we’re seeing annual rent rises start to ascend again,’ said Brian Moran, area lettings director at Your Move. ‘Affordability in the private rented sector now rests on new housing becoming available to let, and more choice for tenants, to keep rents competitive and rent rises in check. Solid rent rises offer clear encouragement for those contemplating buy to let investment, but fears of prohibitive rent controls and additional tenancy legislation in Scotland may be off putting, which could choke off new supply of rented homes, and drive up prices for tenants,’ he explained. Compared to last year, rents are now higher in three of five regions of Scotland. Rents in Glasgow and Clyde have experienced the greatest year on year increase, with typical rents up 5% since April 2014. The East saw the second biggest annual rise in rental prices at 1.7%, setting a new record for the area in April 2015, with the average monthly rent now £531. In the South of Scotland, rents have climbed a more modest 0.7% in the past 12 months. In two regions of Scotland, rents are now cheaper than they were a year previously. Edinburgh and the Lothians has witnessed the biggest fall in rent prices year on year, down 0.8% in the 12 months to April 2015. In the Highlands and Islands, rents are now 0.6% lower than in April 2014. On a monthly basis, rents have risen across three of five regions in Scotland. In Glasgow and Clyde, the average rent has climbed 0.8% in the past month, to £563. In both the East and the Highlands and Islands, rents have risen 0.3% since March. Rents in the South of Scotland have remained static month on month, staying at £498, the lowest average rent price across the whole of Scotland while Edinburgh and the Lothians is only region in Scotland to witness… Continue reading
