Response to figures released by the Council of Mortgage Lenders which show that buy-to-let landlords are losing their properties at over three times the rate of other homeowners.

Colette Murphy, Director at Braemore Property Management, said:  “There’s no question that buy-to-let landlords are currently suffering from the economic conditions – particularly if they invested in property over the last few years with the minimum of down payment.

“Buy-to-let investing has usually relied on capital growth to make the investment profitable, as the rental yields were relatively low. However, as house prices have been falling over the past year or so, investors who purchased properties during the peak time in 2007 now have an asset that is actually worth less than they paid for it.

“The rental market has also recently been swelled by extra properties over the past six months or so and this has led to rents decreasing as landlords started to compete more fiercely for tenants. Anyone who bought prior to the property slump is now feeling the squeeze and, in some exceptional cases, this can lead to repossession – although, over the past 24 months, we have only seen four instances of this happening across the 850 properties on our books.

“However, it’s important to note that buy-to-let investing is not dead. There are more affordable property prices available on the market, record low interest rates and banks that are willing to lend to people who have sufficient funds in place for a deposit – so it is still a smart move to invest in bricks and mortar if you can afford to do so.

“As experts are predicting an eventual rise in property prices at some point in the future, it’s likely that anyone investing now will be able to make a gain in the long run.”

Nearly 40 per cent of the UK’s energy consumption arises from the way in which our 25 million buildings are lit, heated and used. Even comparatively minor changes in energy performance and the way we use each building will have a significant effect in reducing energy consumption and therefore carbon emissions.

Almost half of the UK’s carbon dioxide emissions, the main greenhouse gas which causes climate change, actually come from the things we do every day. Leaving the lights on unnecessarily, or boiling the kettle with more water than is actually required, all waste energy. We are already seeing the effects of climate change here in the UK. Winters are becoming milder, rainfall patterns are shifting, making drought and floods more common.

After two and a half years of intense negotiations, the Kyoto Protocol was adopted at the third conference of the Parties to the UNFCCC (COP3) in Kyoto, Japan on 11^th December 1997. Following ratification by Russia, the Protocol entered into force on 16^th February 2005. The protocol requires developed countries to reduce their green house gases (GHG) emissions below levels specified for each of them in the Treaty. Under the Kyoto Protocol, by 2008-2012 the UK must reduce its baseline emissions of the six major greenhouse gases by 12.5 per cent, from a baseline target set in 1990. The UK Government has also set a target to reduce carbon dioxide emissions to 20 per cent beneath that baseline. The long term goal is to reduce emissions by 60 per cent by 2050.

Following an EU directive, all domestic properties being sold or rented out, will shortly need to have an Energy Performance Certificate (EPC). In response to this, Communities and Local Government has introduced a number of energy and cost-saving measures to make all buildings more efficient. These measures are being applied across all European Union countries and are in accordance with the European Directive for the Energy Performance of Buildings.

The energy efficiency and fuel costs will now become an element in the design and decision process of all new projects, and an important component to future property purchases. By 1^st October 2008, all buildings in the UK that are constructed, sold or rented will require an EPC.

The EPC is part of these new measures to improve the efficiency of buildings, resulting in lower energy bills for the occupier. An EPC provides the owner with a rating for the building, showing its energy efficiency and environmental impact on a scale from A-G (where A is the most efficient and G the least efficient). Two ratings are given:-

• The environmental impact rating is a measure of a building’s impact on the environment in terms of carbon dioxide emission-the higher the rating, the less impact it has on the environment.

• The energy efficiency rating is a measure of a building’s overall efficiency. The higher the rating, the more energy efficient the building is, and the lower the fuel bills are likely to be.

The ratings will vary according to the age, location, size and condition of the building. The potential rating on the certificate will take these factors into account.

Housing Minister, Yvette Cooper on its launch in 2006, said,

“Given the growing challenge from climate change and rising energy costs, I think people should be entitled to this kind of information about the home they buy. You can get this kind of consumer information on fridges and washing machines, so why not on a home where emissions-and the savings-are so much greater?”

Therefore the introduction of EPC represents a positive step forward. Encouraging home owners and users, to be given-user friendly information they need to reduce the environmental impact of their homes and energy bills. By providing knowledge and increasing awareness through long-term incentives, the EPC will contribute greatly to a reduction in UK carbon emissions.

The EU Performance of Buildings Directive has been translated into national law with its main aim being to improve the energy performance of buildings, by requiring the energy performance to be advertised on the sale or rental of any domestic property.

This has been achieved through the introduction of Energy Performance Certificate (EPCs). Any private property rented out on or after 1^st October 2008 will require an EPC. This certificate will be valid for 10 years.

The certificate will give each building a SAP (Standard Assessment Procedure) rating, which will equate to an energy rating A-G, similar to those seen on fridge/freezers (where A is very efficient and G is very inefficient). All property owners will need to get their building inspected by an accredited energy assessor, if they want to let it to new tenants or sells it. The current market price for producing the certificate is estimated between £100-£150.

An EPC will be supplied with a recommendation report that lists cost effective and other measures to improve the energy rating of the building. The certificate will also be accompanied by information about the rating that could be achieved if all the recommendations were implemented. Property owners will be able to get a new certificate after installing energy efficiency measures.

EPCs may help with renting or selling properties as they will indicate to prospective buyers or tenants, how energy efficient the property is and will also provide information that may help to reduce the running cost of the property.

To find out more, contact the Energy Performance of Buildings Advice Line Tel-0845 3652468.

The National Landlords Association (NLA), UK representative body for landlords, has urged private-residential landlords to use the Landlord’s Energy Saving Allowance (LESA). This is a tax break allowing landlords to claim on their tax return against the cost of buying and installing energy saving items.

Landlords are able to claim a maximum of £1,500 per property against the cost of installing draught proofing, loft insulation or insulation for hot water systems. For example, if a landlord installed insulation at a cost of £1,500 the saving could be as much as £600 for higher rate income tax payers and £300 for those who pay basic rate income tax.

David Salusbury, chairman at NLA, said,

“The NLA encourages its members to invest in maintaining and improving the quality of their properties. LESA is a welcome incentive for landlords, to persuade them to make the necessary energy efficiency improvements.

“As well as contributing to the overall efforts by society to combat climate change, landlords may see an increase in the value of their investment as a result. We are pleased that the Government has chosen to offer incentives, instead of regulation, and would urge landlords to use the tax break or, perhaps risk losing it in the future.”

The Government is seeking to extend measures, to help ensure consumers are seeing the vital information in Home Information Packs and to make sure they are receiving a higher standard of service from HIP and other service providers.

The new measures include: developing a new set of standards with industry on what consumers should expect from property professionals in the home buying and selling process; further building on the quality of information in the packs; working with industry to ensure that consumers are fully seeing and benefiting from the HIP, including the EPC, early in the process; extending until the end of the year the provisions enabling consumers to market their home as long as they have ordered and committed to pay for a HIP, and the provision requiring the lease to be included in the HIP for leasehold properties.

The latest figures on HIPs show that consumers are already benefiting from the introduction of Home Information Packs. More than 700,000 homes now have energy ratings as a result of HIPs, helping home owners to save money on their fuel bills and cut carbon emissions. Greater competition in the property searches market is also leading to reductions in costs with some local authorities reducing their search fees by up to £120.

Housing Minister, Caroline Flint said,

“Home Information Packs are already bringing benefits to consumers. Property search costs are falling and new information on energy efficiency can help cut carbon emissions and enable prospective purchasers to get a better idea of the likely costs of energy bills.

“But we want to do more to improve the HIP and the home buying and selling process for consumers. Developing a new set of standards for industry is an important next step in further ensuring all consumers get the highest quality of service when buying or selling a home. We also want to ensure all consumers are seeing the vital information in a HIP early in the process so they can fully benefit.

“Alongside the development of a new industry code, we will continue to work with the industry to promote higher and consistent standards of practice on the delivery of HIPs.”

The Government reported that sixty per cent of the housing market is now covered by HIPs. and the criteria for roll out to the rest of the market have now been met. The press release 22^nd November 2007 said it is therefore the government’s intention, to complete the phased roll out by extending coverage to the rest of the market from 14th December 2007.

First time buyers of one and two bedroom homes will be the main beneficiaries as they will now get important information about their new home for free. Information such as searches for which they would previously have had to pay will now is included in the HIP paid for by the seller, reducing the costs of the first step onto the property ladder.

But all householders will benefit from having detailed information about the energy efficiency of their home, and measures to save on their fuel bills and cut carbon emissions. Home buyers could potentially be eligible for hundreds of pounds to get help with insulation or other improvements.

According to Government figures, two hundred thousand Energy Performance Certificates have been generated since the summer. As set out in the criteria of 11 June there are now sufficient energy assessors and home inspectors fully qualified and accredited to provide Energy Performance Certificates for all homes bought and sold. Some 5794 people are now accredited

The analysis of the early phase of rollout of HIPs found that the average rating for homes was an E, and we know that approximately one-fifth of all homes are likely to get an F or G rating. This means that basic measures could significantly cut both fuel bills and carbon emissions. The Energy Savings Trust has also estimated that homeowners could also save around £300 a year on fuel bills from implementing the recommendations in the Energy Performance Certificate.

The Government is also proposing to establish a new Green Homes Service offering those buying or selling a home with an F or G rating free or discounted help with energy efficiency measures, by linking them up with grants and loans provided by energy companies and others. Home buyers could potentially be eligible for hundreds of pounds to get help with insulation or other improvements.

In addition, the government has also conducted monitoring and analyses of the implementation programme to ensure continued smooth roll out. Early monitoring shows:

• HIPs are taking on average seven to 10 days to prepare.

• The majority of property, and drainage and water searches are being delivered within five days.

• Energy Performance Certificates (EPCs) are being prepared on average within two to four days.

• On average, a HIP costs between £300 and £350. Most of these are not new costs, as they cover the cost of searches and other documents which have simply been transferred from buyer to seller at the beginning of the process. The Energy Performance Certificate (EPC) is of course new but provides consumers with valuable information of the costs of running their home.

• Competition from HIPs is reducing the costs of average property searches. Eighty-five local authorities have already reduced their charges by £30 on average.

The Government have also commissioned and considered extensive analysis by Europe Economics on the impact of HIPs on the market. It is intending to publish their independent report which includes modelling on the impact as well as analysis of the first few months of implementation. Presently it finds no evidence of any impact on transactions or prices, although there is a predicted short term impact on new listings as sellers change the timings of their listings. It concludes that the impact on listings is short lived, and the impact on the market is marginal compared to the wider factors.

Dr. Peter Williams (who is a member of the National Housing and Planning Advice Unit) and other leading economist have been approached to consider whether changing housing market conditions meant we should change the approach to completing the roll out. Their conclusion presented strong arguments for continued rolling out as planned, and that further delay could cause greater difficulties and uncertainties in the market.

In the light of this evidence the Government will lay the commencement order to extend HIPs and EPCs to one and two bedroom properties from 14th December 2007. In order to ensure continued smooth implementation, they are also extending the temporary provisions on first day marketing for all properties from 1 January to 1 June 208, providing flexibility for sellers as part of the roll out to one and two bedroom properties.

The implementation of Home Information Packs so far, and the work of the Stakeholder Panel, has also highlighted further improvements that are needed to benefit consumers.

Research shows HIPs has already led to improvements in the delivery and cost of searches, with significant reductions in the cost of searches, and in some areas, substantial reductions in the delays in producing searches. However, there are still wide variations in costs and services and the Government want to see further improvements for consumers. It is promising to publish guidance on access and charging, for local authorities and personal searchers, with the aim of speeding up searches and delivering a fairer deal for consumers.

Ted Beardsall, Deputy Chief Executive of the Land Registry (and member of our Home Buying and Selling Stakeholder Panel) have been approached by the Housing Minister, to advise on what else could be done to improve the search process, ensuring better quality and timeliness of information, and improving value for money for consumers.

Stakeholders have also raised concerns about the costs and timeliness of leasehold information, and the impact that this will have on Home Information Packs when one and two bedroom properties are included given the higher number of leasehold properties. In the majority of cases the stakeholder Panel expects leasehold documents to be readily available and easily provided as part of Home Information Packs.

The Stakeholder panel are also aware that some leaseholders, whether in the pre-existing system or creating a HIP, can find the relevant documents difficult to obtain quickly. This further hampered with some consumers having to face disproportionate charges to access their documents.

As leasehold information is an important part of the home buying and selling process, and is already generally paid for and provided by the seller, the Government continues to believe there are considerable advantages to consumers from having leasehold information early on in the Home Information Pack. But to ensure continued smooth roll out, it is anticipated that the Housing Minister will phase the introduction of leasehold information in response to stakeholder concerns.

To assist further the Government is proposing to temporarily amend the HIP regulations so that the lease document itself must be included, but other leasehold information will be introduced as a requirement at a later date (preferably in six months time). This will allow HIPs for one and two bedroom properties to bed down in advance of leasehold information being required.

In the interim, Ted Beardsall is to advise the Government and the Home Buying Stakeholder panel on what more can be done to improve the timeliness and cost of leasehold information, alongside the work on searches.

From April 2008, the Government will begin to roll out EPCs for newly built homes, as well as across commercial property for sale, rent or construction. By October 2008 all public buildings will be required to have a displayed certificate.

All these measures are designed to promote the interests of the consumer, with the Government continuing to actively monitor the rollout of HIPs and energy performance certificates, and the home buying and selling process. The introduction of HIPs is part of a wider programme of reforms to home buying and selling including e-conveyancing and better redress, which aims to provide consumers with a clarity and transparency. The Government wants to reassure consumers that it will act and respond where further improvements are needed.

The National Approved letting Scheme (NALS) welcomes the Department for Communities and Local Government (DCLG) committee report, which revealed Britain, requires 50,000 additional rented homes annually, above the present stock.

The report’s findings and recommendations are supported by the NALS who would like to see further regulation of letting agents through best practice accreditation. With increased Local Authority involvement, the NALS suggests the consumer’s rental experience, will be both ensured and enhanced.

Ms Caroline Pickering, NALS chair said,

“The NALS accreditation scheme is recognised and supported by the government and backed by key organisations within the private rented sector, and provides –what we believe to be- the answer to the challenge of ensuring that clearly defined management standards are provided to landlords and tenants by lettings and management agents.

“By encouraging streamlined working partnerships between Local Authorities, landlords and agents, we can improve and maintain the property management standards of those in rented accommodation with the minimum of bureaucracy being introduced.”

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We continuously deliver the highest levels of professionalism, customer service, satisfaction together with fast results and competitive prices.

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Estate Agents and Letting Agents attended the 5th annual awards ceremony, held earlier this month in London, organised by the Royal Institute of Chartered Surveyors.

Winning one of these prestigious awards demonstrates the agent’s commitment to the highest standards of customer service. The agent’s had shown that they care about providing an excellent, personal service that puts renting, buying and selling customers first. Despite their core informal nature, deep down the agents have a desire to be successful in everything they do.

Estate and Letting agent’s ethos is simple. They offer years of experience, professionalism, unbeatable value at no cost to quality and, most importantly integrity.

The top awards went to:-

• Alexander Watson  -  Best Estate Agent In UK 2008
• Ashley Charles – Best Letting Agent In UK 2008
• Webbers – Best Estate Agent Group In UK 2008
• Hudson Moody – Best Online Award 2008

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Date: Tuesday 8^th April 2008

Time: 12.00pm-15.30pm

Venue: Grosvenor House Hotel-Marriott, 86-90 Park Lane, London, W1K 7TN,

England. Tel-0871 222 1156.

With over 500 guests expected to attend, the awards will be one of the most exciting events in the Estate Agent industry in 2008. Winning one of these prestigious awards demonstrates the agent’s commitment to the highest standards of customer service.

The awards will take place on 8^th April 2008 in the Ballroom at the five star Marriott Hotel, which is located on the edge of Park Lane on Grosvenor Square in London, England.

To book tickets for the Awards Lunch, visit: www.estateagentoftheyear.com and simply complete the online booking form.

Editor: Simon Weston-www.myfirsthomeltd.co.uk

Blog: www.myfirsthomeblog.com

Email: simon.weston@myfirsthomeltd.com