The rising cost of living, combined with high energy bills and concerns for Britons’ welfare this Winter are all headlines that have dominated the news in recent months.
Here at Keystones Property, our Romford based estate agents have been tracking the announcements and progress of such changes, to bring our clients, landlords, sellers, and tenants all the latest information about the cost of living increase, the energy crisis, and how it is affecting the property market.
What’s causing the UK energy crisis?
The rising cost of energy across the UK is a culmination of the war in Ukraine, a shortage in the finite fossil fuels used to produce energy, and basic inflation – which sees suppliers and companies passing their own increases in costs to the end user: their customers.
The effect of the energy crisis on the property market
One of the biggest challenges faced by our landlords and tenants is the disparity between what landlords need to charge and what tenants are able to pay in terms of rent. For those agreements where bills are included, it follows that landlords will need to increase rent prices to cover such bills – however, those in low-income positions will simply be left unable to pay.
In addition, demand for more energy efficient homes has increased tenfold, with both investment buyers and homeowners seeking the kinds of properties which offer a more stable future in the face of energy upheaval. What this is doing is creating a gap in what is available and what buyers expect and are demanding from the market – with inefficient properties more likely to sit on the market for extended periods. Similarly, landlords whose properties are not energy efficient will likely see a drop in demand.
The rising cost of bills
Finally, the rising cost of bills – including but not limited to energy – is creating unrest across the property market and making it harder for first time buyers to get onto the increasingly unstable property ladder. Lenders are becoming less tolerant, inflation is on the rise, and the cost of living once you’re in a property is higher than ever.
So, what can homeowners, tenants, and landlords do to keep costs down and to safeguard their property during the energy crisis?
How homeowners can save money this winter
There are some factors which are simply down to luck alone – for example, those who live in first or second floor flats or apartments will benefit from the scientific understanding that heat rises and that the heating from your ground floor neighbours will help to keep your home warm.
In addition, there are some changes that tenants and homeowners can make to manage and control their own bills – including using log burners rather than central heating where possible and taking the time to check that you are registered with the best energy provider and are benefitting from the most cost-efficient tariffs.
We want to help you find an energy efficient home that will keep you safe and warm this winter. Let us help and get in touch today. We look forward to hearing from you!
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Keystones Property
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Keystones Property Collier Row
13 Clockhouse Lane, Collier Row, Romford, Essex, RM5 3PH, United Kingdom -
Email: [email protected]
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Telephone: 01708 909 100
