Anyone who is selling a property in London has to have an Energy Performance Certificate (EPC) for the property. This is a legal obligation. However, it’s not just having an EPC that is important. The EPC should also be up to date, in order for the information it contains to be as useful as possible.
If you are selling a home in London, it makes sense to have an energy performance survey carried out, even if you have an EPC. The more current the information and advice in the EPC is, the more useful it is to you, and the more it can make a difference in a weak London housing market.
Why is the housing market in London weak?
There are several reasons why the London housing market is not at its best right now. The main two are the increase in stamp duty and the lack of certainty over Brexit.
- The increase in stamp duty is deterring many potential buyers. The government has exempted first time buyers who are purchasing a property for £300,000 or less, but this not as much of an incentive in London as it is in other parts of the country, due to the high prices attached to the majority of properties.
- The Brexit issue is making people reluctant to buy property when there is so much uncertainty about whether a deal can be reached.
The London housing market issue is a very real problem. London focused estate agents Foxtons made a loss of £2.5 million in the first half of 2018. Statistics like this cause people to doubt the market; this doubt helps to further restrict market growth. Anyone who is aiming to sell their home in London needs to make the sale as attractive as possible.
How can a fresh EPC help?
Just because an EPC lasts for ten years does not mean that you should wait that long before you have another energy performance survey carried out. The more recent the EPC is the more likely you are to gain useful information from it. This information can be put to use in making your property attractive to potential buyers.
Getting the best price for your property
One of the major issues affecting the London property market right now is that offers are being made but they are also being rejected. Buyers want to acquire property for less than the asking price, especially with the country facing an uncertain future.
If you want to secure the best possible selling price for your property, you need to make sure that it’s as energy efficient as possible. Potential buyers are more likely to be prepared to pay a decent price for a home which has a high EPC rating as this means that their energy bills are likely to be more affordable.
If you have an EPC survey carried out, and there are issues, you can remedy them in order to improve the selling potential of your home.
Selling your home as quickly as possible
London properties are staying on the market for between twelve and fifteen per cent longer in 2018 than they were in 2017, depending on the type of property. If you want your home to sell as quickly as possible, you need to ensure that it stands out. Making sure that the property is energy efficient is an important step that you need to take. An EPC identifies any issues that are present and provides advice about how they can be solved.
The average cost of living in London, for a family of four, is around £2,800 each month, without taking housing costs into account. Even when you take into account the fact that the London living wage is around £1.50 per hour higher than the national living wage, this cost of living is still a considerable strain on most people.
Getting a fresh EPC for your London property helps you to ensure that its energy efficiency is desirable; after you have made any necessary improvements. Improved energy efficiency helps to reduce energy bills and has a positive impact on living costs. This efficiency is even more important in the current climate of soaring gas prices. It follows that making your home more energy efficient makes it more attractive to people who are trying to reduce the high cost of living in London as much as possible. This makes it easier to sell your home, for a decent price.