As the UK grapples with the classic January weather, landlords and property managers need to stay ahead of the curve to understand how the winter season impacts bills. Lansdown Insurance Brokers is here to guide you through the latest developments and help you prepare for the upcoming challenges in the rental market.
Energy Bill Landscape:
In January 2024, energy bills witnessed another surge, with average yearly payments rising by £94 a year, raising the price cap from £1,834 to £1,928. Understanding the dynamics of energy bills is crucial for landlords and letting agents, given that more than 90% of households in the UK are on variable tariffs. While 2024 forecasts suggest relative stability, the uncertain nature of energy prices makes it imperative for interested parties to stay vigilant.
Addressing Energy Concerns:
Landlords and tenants alike should keep an eye on potential support avenues and government initiatives to alleviate the burden of rising energy costs. Lansdown Insurance Brokers recommends staying informed about schemes such as Cold Weather Payments, the Warm Home Discount and insulation initiatives like the Eco 4 scheme.
* Eligibility applies, information on this is provided within these links
Boiler Upgrade Scheme:
A noteworthy opportunity for landlords is the Boiler Upgrade Scheme introduced by the government in September 2023. This initiative offers £7,500 towards replacing boilers with renewable heat alternatives until 2025. Landlords contemplating a boiler upgrade should consider this scheme, providing an avenue for financial relief and fostering energy-efficient practices.
* Eligibility applies, information on this is provided within these links
EPC Targets on the Horizon: What 2024 Has in Store
With the government’s shift in stance on Minimum Energy Efficiency Standards in September 2023, plans to enforce EPC Level C or better for new tenancies by 2025 were put on hold. As the nation awaits the outcome of the pending general election in 2024, uncertainty looms over the future of EPC targets.
Despite the lack of a clear government directive, research from the Mortgage Advice Bureau underscores the importance of high EPC ratings for attracting prospective tenants. Homes with energy-efficient features remain a priority for eco-conscious renters, highlighting the ongoing relevance of energy efficiency in the rental market.
In the face of the unpredictable winter weather and fluctuating energy prices, Lansdown Insurance Brokers emphasises the need for landlords and property managers to stay informed and proactive.
About Lansdown Insurance Brokers
Lansdown Insurance Brokers are specialists in Landlords Insurance, Block of Flats Insurance and Home Insurance. We can provide flexible policies to suit individual client needs and provide advice on what cover is needed. For more information call the team on 01242 524498.
Lansdown is part of the Benefact Group, a charity-owned, international family of financial services companies that gives all available profits to charity and good causes.