At City Rental Services, we keep on top of ongoing housing and rented property legislation, to better inform our Bristol tenants and landlords of laws affecting them.
One interesting pieces of Government legislation we’ve come across recently are the Government’s suggestions around providing low-cost loans which are recoverable via energy bills, as a way of encompassing the new ‘Green Deal’ as outlined in the 2011 Energy Act.
This has been taken a step further, with funds being now provided for landlords to buy various improvements items such as wood burning stoves, shutter, under-floor heating and insulation for rented properties in Bristol.
The new Act will have some potentially major problems for high-energy-consuming properties when it comes into force.
Landlords and tenants alike in the Bristol rented property sector are expected to be affected by the legislation when it comes into effect in October 2012 – it’s all about improving the energy efficiency of a property to achieve Government targets.
And take note: the initial recommendations are for the project to be self-financing for landlords with rented property in Bristol via energy bills.
The second stages of the Act will come into play between 2012 and 2016, to include provisions that by April 2016, private residential landlords will not be able to refuse a tenant’s reasonable request for consent to energy efficient improvements – where a finance package (such as the ‘Green Deal’ and/or the Energy Company Obligation (ECO) are available.
Provisions in the Act also allow for powers to be granted to ensure that from April 2018, it will be unlawful to rent out a residential or business property which does not reach a minimum energy efficiency standard – the intention is for this to be set at EPC rating E.
Furthermore, as we approach 2018, properties in Bands F and G valuations will begin to drop. Landlords in Bristol should begin acting now to consider a plan of improvements sooner rather than later.
As more on the Act comes into the public domain, it is clear that it is important for Bristol-based landlords with city centre properties built many years ago need to take note of the ‘Green Deal’, and the potential to damage their properties’ Rental Value. More to follow on this in a few weeks from us.
If you have any queries about our central Bristol letting agency, please feel free to contact us here.