Bank of England set for interest rate rise
29th Sept 2017
The Governor of the Bank of England has provided the clearest indication yet that interest rates are set to rise in the relatively near future.
Economists and bankers alike are of the opinion that changes could be set before the end of the year with the Banks upcoming monetary policy committee meeting set to take place at the beginning of November 2017.
MEES (Minimum Energy Efficiency Standards)
23rd Aug 2017
With effect from 1st April 2018, private Landlords must ensure that properties they rent in England and Wales reach at least an Energy Performance Certificate (EPC) rating of E before granting a tenancy to new or existing tenants. This applies to the granting of new leases, renewals and extensions to existing leases. From April 2023 it will include properties where there has been no change in the tenancy arrangements.
In addition to the above, most banks moving forward will now require a minimum EPC rating of E and some lenders are asking for minimum ratings of D. If this is not achievable, an Energy Strategic Plan, which are very costly, will be required as part of their lending criteria for property purchases; they will not lend if the rating is an F or a G. This new requirement is referred to as the Minimum Energy Efficiency Standard (MEES). Landlords can face fines of up to £5,000 for domestic and £150,000 for non-domestic properties as of April 1st 2018.
Please see link below for guidance on (Minimum Energy Efficiency Standards (MEES) coming into effect from April 2018.
New Red Book
5th July 2017
The newly published Global Standards by RICS aim to summarize and introduce the new International Property Measurement Standards (IPMS), including the differences with the previous Standards.