Homes with good EPCs are worth on average 14% more.
This claim – which is interesting, since our readers constantly tell us that no one looks at EPCs when buying – comes from the Department of Energy and Climate Change, which says that making energy improvements to a property could boost its value by even more than the average, by as much as 38%.
For an average home, improving its EPC from band G to E, or from band D to B, could mean adding more than £16,000 to the sale price of the property.
In the North-East, improved energy efficiency from band G to E could increase this value by over £25,000 and the average home in the North-West could see £23,000 added to its value.
The DECC's report, which took into account over 300,000 property sales in England between 1995 and 2011, says that its research ‘indicates’ that energy efficiency is now a key factor influencing the sale price of most residential dwellings in England.
Energy and Climate Change minister Greg Barker said: “We have long known the benefits of making energy saving improvements to the home, but this study is real evidence of the huge potential rewards.
Rightmove has reported an average rise of 0.8% in asking prices in new properties coming to the market. Combine this with higher levels of enquiries and viewings and we are set for an interesting Spring.
With the average time on the market falling by 10% over the last quarter* and the pace of sales increasing, all of this data points towards a healthier housing market.
Miles Shipside of Rightmove commented, "The spring bounce in buyer interest and slight pick-up in supply of fresh stock suggest that renewed activity in some sectors of the property market is managing to outweigh the impact of economic uncertainty and lack of mortgage funding."
However, with the market being muted by lack of equity available especially for first time buyers, the growth is likely to be heavily affected by the outcome of today's Budget.
The Budget is set to include a £250m package designed to help 10,000 first-time buyers to purchase a newly built flat or house. The buyer would be expected to raise 5% of the deposit whilst the goverment and house builder would both add 10%. It is hoped that this scheme will boost the construction industry in addition to the housing market in general, creating up to 50,000 jobs.
scottfraser are pleased to report an extremely busy start to 2011 with some excellent instructions at both our Oxford and Witney offices. We are also gaining a great deal of interest from buy-to-let investors with several excellent opportunities available.
If you are interested in buy-to-let either as a first time landlord or a seasoned investor why not come to our "Passionate about Property" Seminar - Demystifying buy-to-let in association with Laura Lamb from The Mortgage Company who will be providing information on the best buy-to-let deals available at the moment. The seminar will be held between 6.00pm and 7.30pm on Wednesday 30 March 2011. Places are limited so please contact Chris Rowntree on 01993 705507 or by email at email@example.com to reserve your space.
* Source Rightmove
Sales Consultant - Witney (Estate Agents) Office
01993 705507 / firstname.lastname@example.org