Autumn 2023 - MRKT property update

In our latest video, Matt and James provide their Autumn MRKT update.

In it we cover -
- Minimum Energy Efficiency Standards (MEES) in rented properties. There has been some (temporary) relief for landlords as the government withdrew the requirement for all rental properties to have a minimum EPC rating of C, which was due to come in from 2025. Currently there is no set deadline for improvements, however this is not going away as the country focuses on getting to Net Zero and enhancing efficiency. We do not expect this relief to last long, especially with a General Election looming.....

- The Renters Reform Bill - this was recorded just prior to the second reading of the bill on 23 October 2023. There is generally still cross-party support for the removal of the Section 21 notice, although some are suggesting that the government are stalling on setting out timescales for this as following the reading they have said that changes to the court system to speed up possession claims are needed first before the removal is implemented. Opposition parties have criticised this, and again it will likely be a hot topic ahead of the next election, so watch this space.....

Across the local market we have seen some downward shifts in rents particularly in the 'mid-range' - this seems to be a new cyclical trend beginning at the end of September as we head into the Autumn. Price sensitivity is always there but we recommend pro-active conversations to anticipate such changes as sometimes all it takes with pricing is a small tweak. This is a similar position with the sales market where we are seeing prices and buyer biting points readjusting also.

If you would like further information, or wish to discuss the local market please call us on 01202 554470.