If you have ever rented, sold, or purchased a property in the past, chances are you have come across an Energy Performance Certificate (EPC).  This document provides information on the energy efficiency of a building. It is a legal requirement in the UK for all properties that are built, sold, or rented. 

An EPC provides an energy rating for the building on a scale of A to G, with A being the most energy efficient and G being the least efficient. The rating is based on the energy performance of the building, including its insulation, heating, lighting, and other factors that affect energy usage.

The EPC also includes recommendations for improving the energy efficiency of the building, such as installing insulation, reviewing the heating system, upgrading to energy efficient lightbulbs. These recommendations are not mandatory, but they can help increase a properties energy rating.

An EPC is valid for 10 years and can be obtained from a certified energy assessor who will visit the property and assess its energy performance. The assessment considers the size, age, and construction of the building, as well as its heating, lighting systems and insulation.

Minimum Energy Efficiency Standards (MEES) were introduced to the Private Rental Sector in 2015.  These are a set of regulations that require most buildings to meet a minimum level of energy efficiency.

Under the MEES regulations, landlords must ensure that their properties meet a minimum energy efficiency rating of “E” on an Energy Performance Certificate (EPC). If a building is rated below “E”, it is below the minimum standard and cannot be let until improvements are made.  

From 1 April 2020, the MEES regulations apply to all existing tenancies in the private rented sector.  There are certain exemptions to the MEES regulations, such as where improvements are not cost-effective or where the improvements would reduce the value of the property by more than 5%. Landlords must register an exemption on the National PRS Exemptions Register if they believe their property is exempt from the regulations.

The purpose of the MEES regulations is to improve the energy efficiency of properties, reduce carbon emissions, and lower energy usage. By requiring landlords to make energy-efficient improvements to their properties, the regulations aim to make a significant contribution towards the UK’s target of achieving net-zero carbon emissions by 2050.

With the minimum rating of an “E” expected to be raised in the coming years, planning now is important to ensure rental properties remain compliant.  

If you would like to discuss the energy rating of your property further, contact our team of Property Management specialists on 01603 751555 or letting@watsons-property.co.uk.

Norwich and Norfolk Lettings and Property Management 

Almost six months ago, Watsons made a big change and moved out of our office on Bank Plain to 18 Meridian Way, Norwich.  We enjoyed our time in our previous office but with the expansion of our Lettings, Block & Estate Management, Building Consultancy and Surveying teams meant we needed a more accessible, larger office and the Broadland Business Park is the perfect location to suit the needs of our broad client base.

Our Lettings team operates from our Head Office and is supported by a team of Property Managers who work remotely from Norfolk based locations including Aylsham, Cromer, Sheringham and South Norfolk villages.  With this setup, we are well facilitated to cater to the entire Norfolk lettings market whilst maintaining a personal and first-class service.

Whilst we were excited about our move to Meridian Way, we were also apprehensive at how our clients would react to this change.  We have been overwhelmed with the positive feedback from clients who find it easier to pop in and out thanks to the off-road parking and easy transport links.  I am also pleased to see my team members out of the office more meeting customers at their homes, rather than customers having to travel to visit us in an office.

Rest assured other than the change in office location there have been no changes to our Lettings operations or staffing, and we strive to deliver a fantastic service to both our Landlords and Tenants.  We are pleased that over the last six months we have impressed customers from our new office location and seen an increase in new Landlords contacting us for advice regarding their rental investment.

If you are a Landlord, a tenant, or have any questions relating to the lettings market – please get in contact with us on 01603 75155 or t.palmer@watsons-property.co.uk.

Norwich and Norfolk Lettings and Property Management

Landlords always ask me: 

 “What are the benefits of a fully managed service with an experienced Property Manager Looking after my property?”

The benefits are significant!

 As a Property Manager, I build a relationship with both the Landlord and the tenant. This relationship recently proved very beneficial for one of the properties in my portfolio. 

The tenant reported an issue with condensation mould on a lounge wall under the front window, plus water damage coming into the front bedroom at the roof line. They were worried about the cause as they followed our guidelines for winter-proofing their home. 

After a visit to the property, I discovered cracks in the outer front wall near the lounge window and noticed some greening of the brickwork, a movement in the tiles and flashing at the roof line. 

After inspecting the property, I discovered that there was watermarking in the front bedroom and rotten floorboards and joists to the lounge, under the window and wall where the mould was. There were no other issues with condensation mould in the property as the tenant kept rooms heated and ventilated. 

I reported back to the landlord and advised that a defect report be carried out to determine the cause of the cracks etc. and advised them to speak with their insurance company in case this was an issue with subsidence. I arranged the defect report along with a report and photographs for the insurance company. 

As a property manager, I have helped the landlord, the tenant, and liaised with the surveyor and loss adjuster to assist with the quick resolution of the matter.

Norwich and Norfolk Lettings and Property Management

If you would like to know more about our services, give us a call at 01603 751555 or email letting@watsons-property.co.uk and we will be happy to guide you through the process.

We’ve faced complex challenges over the last several years, from Brexit to Covid to the war in Ukraine. These issues have had knock-on effects, including supply chain delays and increased cost of living. The increased cost of living has impacted both consumers and organisations meaning everyone must be more restrained with their spending.

The one area of certainty during these difficult times has been the property market. According to data from bricksandlogic the average sale price in the East of England has increased by 22.1% over the last five years and has even continued to grow over the previous few months – with sale prices still rising by 1% in the past six months. 

There has been similar growth in rental values, with rents increasing by 25.2% in the East of England over the last five years and 3.8% in the last six months.

We are still experiencing the effects of the last few turbulent years, so we expect the rise in house prices to plateau in 2023. Increased mortgage rates, less tax relief, and a host of challenges in the macro environment are likely to lead to continued rent increases this year to ensure Landlords see a healthy return on investment. Using data from bricksandlogic I have highlighted several factors to consider while investing within Norfolk in 2023.

Over the last three years, the areas with the highest rental growth are Norwich, Broadland, and North Norfolk.

Norwich

In Norwich, the most significant growth has been seen in the city suburbs, especially to the South and West of Norwich, which benefits from links to the University of East Anglia and the Norfolk and Norwich University Hospital. These properties have also shown a good return on capital investment over the last three years, with house prices increasing by around 24%. 

You can currently purchase a three-bedroom townhouse in Costessey for a price in the region of £280,000 – a realistic rental value for a property like this would be in the region of £1,200 – a yield of 5.14%. Many new or recently built properties in this area still have all or part of their NHBC warranty, which would further reduce overheads while maintaining the rental property.

Thorpe St Andrew is another popular city suburb with excellent city links and a range of local amenities. Average rents have increased in this area by around 25.2% over the last three years, the average rental value in the area is around £1,000 vs an average house price of £269,000 – resulting in an average yield of 4.4%.

Rents in the city centre have not enjoyed a similar level of increase due to the Covid pandemic leading to people moving into the suburbs and countryside but footfall is now returning and areas such as the Golden Triangle and the up-and-coming ‘Silver Triangle’ (NR3) are becoming popular locations for prospective tenants. There is currently a two-bedroom mid-terraced property on the market on Gertrude Road for £220,000, an estimated rental value in the region of £850 would return a yield of 4.6%.

Broadland

This area is very popular with families; there are plenty of towns with good local amenities and schools. Aylsham is one of these, it has grown substantially with new builds over the last five to ten years due to its attractive town centre, strong transport links to both the coast and Norwich and a range of amenities. The average house price in this area is £373,000 and the average rental value is £1,124. Despite the high average house price, a reasonable three-bedroom semi-detached property attracts around £270,000. This type of property would achieve an average rental value of £950, a yield of 4.2%.

Brundall is another popular location and its proximity to the A47 makes it an ideal town for commuters. The average house price in Brundall is £384,000 and the average rental value is £1,285. There are plenty of available options for an investment purchase in Brundall. There is a range of older properties on the market in need of modernisation as well as several new build properties which are ready to let out.

North Norfolk

The coastal hotspots of Cromer and Sheringham have very buoyant rental markets, with a shortage of rental property and a high level of tenants looking to live in the area. There are many purpose-built apartments available for purchase in Cromer. These properties generally return a healthy rental value. For example, there is currently a two-bedroom apartment for sale on St. Marys Road for £160,000. The likely rental value for this property would be in the region of £750, returning a yield of 5.63%.

Sheringham is popular with an older demographic and bungalows are in high demand in this area. Two/three-bedroom bungalows attract rental values in the range of £900 to £1000. Although the high purchase price of these bungalows reduced the yield, the tenancies usually provide a source of long-term, reliable income.

If you would like to know more about a rental investment opportunity or a property you already own and are considering letting out, give us a call at 01603 751555 or email letting@watsons-property.co.uk and we will be happy to guide you through the process.

Norwich and Norfolk Lettings and Property Management 

*Statistics courtesy of bricksandlogic