Four in five commercial buildings at EPC risk amid government delay

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Property118

Four in five commercial buildings at EPC risk amid government delay

Most commercial buildings in England’s largest cities could become unlettable without swift government action on energy efficiency rules, a new analysis warns.

Research by the British Property Federation shows 81% of commercial buildings across seven major cities currently sit below an EPC rating of B, leaving around 190 million sq. m of floorspace exposed to future regulation.

The annual review examined offices, retail and industrial property in London, Birmingham, Bristol, Leeds, Liverpool, Manchester and Newcastle.

It found that only 3% of commercial buildings achieved an EPC A rating, with a further 16% reaching B.

Commercial landlords in the dark

The BPF’s assistant director, Rob Wall, said: “The Warm Homes Plan has left commercial landlords in the dark and out in the cold.

“We have been waiting for five years for a decision on future minimum energy efficiency standards for the non-domestic private rented sector.

“It is beyond belief that Ministers have kicked the can down the road once again.”

He added: “The lack of any real policy development under this government on upgrading commercial property is leaving commercial tenants with higher energy bills and undermining efforts to decarbonise our buildings.”

EPC for commercial buildings

Manchester recorded the strongest performance, with 22% of buildings rated A or B, with London following closely at 21%.

Across all seven cities, the proportion of buildings achieving EPC B rose by just one or two percentage points over the past year.

Ongoing uncertainty over minimum energy efficiency standards is holding back investment and delaying upgrades across existing stock, the BPF says.

It warns that the absence of a formal response now makes the proposed 2027 and 2030 targets unrealistic.

That’s because of the work required and the long lead times involved in major commercial retrofits.

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Landlords face fines for not updating contact details under Making Tax Digital

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Landlords face fines for not updating contact details under Making Tax Digital

The government could impose a £1,000 fine on landlords who fail to update their digital contact details under Making Tax Digital (MTD).

During a government debate, Shadow Economic Secretary Mark Garnier criticised the penalty, warning it could have a significant impact on vulnerable taxpayers.

Under the scheme, which came into effect in April, landlords earning over £50,000 are required to maintain digital records and submit quarterly updates to HMRC using authorised MTD-compliant software.

Unprecedented and disproportionate

During the debate on the Finance Bill, Economic Secretary to the Treasury Lucy Rigby said that under the Making Tax Digital for Income Tax programme, HMRC will require customers to provide an email address or mobile phone number and keep those details up to date.

However, Mr Garnier raised concerns that, while this may be reasonable, taxpayers could face a £1,000 fine for failing to update their digital records.

He said: “It’s a perfectly reasonable request to keep details updated, but to enforce it, people can be subject to financial penalties of up to £1,000. As the Association of Taxation Technicians has said, the proposed £1,000 penalty is “unprecedented and disproportionate”. Much more importantly, there is no comparable HMRC penalty for failing to update a postal address or traditional form of contact.

“Are the government not going a bit too far? I remind them that this is about regular taxpayers, and this penalty could catch out people who are more vulnerable or less financially literate. Can the Minister commit to reviewing whether this £1,000 fine is too high and, indeed, whether we should be bringing it in?

Landlords won’t be forced into MTD

Ms Rigby claimed the issue will be kept under review and explained that older customers are more likely to be digitally excluded under MTD. She said the government will support safeguards, allowing those groups to continue accessing paper communications.

The government confirmed in its impact assessment that landlords won’t be forced into MTD if they cannot go digital, and that landlords can write to HMRC or call the department to be exempted from the scheme.

The government has also confirmed landlords won’t face fines for filing late in the first 12 months of the scheme.

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Scottish ministers call on UK to reverse Local Housing Allowance freeze

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Scottish ministers call on UK to reverse Local Housing Allowance freeze

The Scottish Housing Secretary has written to the UK government, warning that the continued freeze of Local Housing Allowance (LHA) is making it harder for lower-income renters to access the private rented sector.

During the Autumn Budget, ministers announced that LHA rates will remain frozen for a second consecutive year in 2026/27.

In a letter to Housing Secretary Steve Reed, Màiri McAllan urges the government to rethink its position on LHA rates and to raise them to cover the 30th percentile of local rents.

Deeply worrying for PRS tenants

In the letter, Ms McAllan says: “At a time of continued high rents, the decision to freeze LHA rates makes it harder for low-income households to access and sustain tenancies in the private rented sector.

“In Scotland, freezing rates of support in 2026-27 will mean that 87 of the 90 LHA rates will fall below the 30th percentile of local market rents. We estimate that up to around 45,000 households in Scotland, including approximately 31,000 children, will be adversely impacted by the end of 2026-27.

“UK-wide analysis by the Joseph Rowntree Foundation shows that around half of those receiving housing support are already living below the poverty line. This is deeply worrying for private rented sector tenants who rely on housing support to keep a roof over their heads.”

Ms McAllan added that decisions taken at UK level on LHA are limiting the Scottish government’s ability to prevent homelessness and tackle child poverty, and urged the government to reverse the freeze and for rates to permanently meet the 30th percentile of local rents.

Freezing LHA will exacerbate the affordability crisis

An industry body warns the freeze of LHA rates will only exacerbate the housing crisis and urges the government to consider rates to meet the 50^th percentile of local rents.

Timothy Douglas, head of policy and campaigns at Propertymark, told Property118: “Propertymark has long called for Local Housing Allowance (LHA) rates to be restored so they reflect real market rents. The longer the UK government continues to freeze LHA, the greater the gap becomes between support and actual housing costs, and the more expensive it will be to realign LHA with the market in the long term.

“Freezing LHA for 2026/27 will only exacerbate the affordability crisis facing many renters, pushing some further into financial hardship and making it harder for them to secure or sustain a stable home. Increased regulatory and financial pressures, including tax rises for landlords, alongside a growing imbalance between supply and demand, are continuing to drive rents up across many parts of the UK.”

He adds: “As a result, keeping LHA rates frozen widens the shortfall between housing support and real rents, increasing the risk of homelessness and placing additional strain on already stretched local services. Propertymark is clear that LHA should, as a minimum, be set at the 30th percentile of local market rents, if not the 50th percentile, to give renters a realistic chance of accessing and maintaining suitable housing.

“We urge the UK government to reconsider this freeze and work with the devolved administrations to ensure housing support keeps pace with the realities of the rental market.”

Unfair burden on councils

Ms McAllan also raised concerns over housing benefit subsidy arrangements for the provision of temporary accommodation.

She said: “Councils currently receive a subsidy equivalent to 90% of the 2011 Local Housing Allowance rate to cover temporary accommodation costs. This arrangement has been frozen for almost 15 years, despite substantial increases in the cost of providing temporary accommodation over that period.

“The subsidy system is placing an unfair burden on local authorities.”

She called for an urgent review of the funding arrangements, adding that subsidy levels should reflect the true costs faced by councils.

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Landlords with £200K properties selling faster than anyone else

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Property118

Landlords with £200K properties selling faster than anyone else

As this week’s news reported that UK rents were falling again in a “rental market cool,” the number of landlords looking to sell continued to increase.

The latest HomeLet Rental Index revealed that the average UK rent had slowed down by 1.1% in January 2026. Whilst the figures might not seem much, London in particular saw the biggest drop, down 2.4% on the previous month. That’s the weakest annual growth of any UK region. Coupled with the Renters’ Rights Act quickly approaching, plus new tax penalties and stringent regulations, landlords have been in dire need of some good news.

It’s a welcome relief, therefore, to see that a particular group of landlords are benefitting from the current climate.

For landlords wanting to sell properties valued at £200k, particularly those in the North West or Midlands, motivated sellers have been driving prices up, allowing them to exit the market unscathed. While other distressed landlords wait with offers as low as 70% market value, or unrealistic valuations delaying sales, the £200K landlords have been securing chain free buyers for 85 – 90% market value. A substantial percentage higher sale price than their counterparts.

They’ve also been approaching the right people to sell. At Landlord Sales Agency we specialise in selling tenanted, recently vacated and soon-to-be vacant properties in a way that’s realistic, well-managed and designed to complete. Whilst we can sell in any area, we also understand that the landlords currently achieving the highest sale prices have three things in common: location, motivation and a realistic listing price.

In part, that’s driven by the fact that for properties around £200K, there’s simply more buyer options for your rental houses, you’ll likely either sell to a new landlord buyer, or a first-time buyer wanting it as a residential home. That’s first-time buyers and investors both chasing the properties.

Added to that is the fact that unlike traditional estate agents or fast sale companies, we ensure that every landlord that approaches us to sell has the biggest bite of the cherry. With an extensive database of over 30,000 active buyers, access to property buying funds and relationships with the top local performing agents, we’ve got no shortage of buyers. In fact, with so many buyers on our books, we’re finding an increase of buyers chasing us because they’re hungry to move in, as well as new landlords who don’t mind taking on the high risks, high stakes industry most of us are more than happy to leave behind.

The result is that landlords in this price bracket are steaming ahead of any other landlords wanting to sell. And Landlord Sales Agency are delivering. On average all our properties are selling in less than 28 days.

With a team of portfolio exit specialists exceptionally equipped to manage tenants, access and compliance, we’re also completely transparent. We don’t promise the highest price at any cost. We don’t sign you up for unrealistic values that leave your properties sitting on the market for months, even years. We focus on the best achievable price that actually completes. And it works.

In the last week alone, we managed over 60 landlords approaching us with properties to sell, and we’re ready to take on more.

So if you’re a landlord with a property or properties around the £200K mark, get in touch.

There’s an opportunity to be had, and we’re ready to help you take it.

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Landlords spared late filing fines in first year of Making Tax Digital

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Property118

Landlords spared late filing fines in first year of Making Tax Digital

The government has announced it will support landlords transitioning to Making Tax Digital (MTD) by waiving penalty points for late submissions during the first 12 months.

Under the controversial scheme, from April this year, landlords earning more than £50,000 will be required to keep digital records and submit quarterly updates to HMRC using authorised MTD-compliant software.

With just two months to go until MTD launches, HMRC is ramping up its campaign to inform landlords of the upcoming changes.

Not receive penalty points for late quarterly updates for first 12 months

In a government press release, the government have said occasional slip-ups won’t result in hefty fines.

The press release said: “Customers joining MTD for Income Tax in April 2026 will not receive penalty points for late quarterly updates, for the first 12 months.

“Under the new system, penalty points will be given for each late submission, with a £200 penalty only applied once four points are reached. This means occasional slip-ups won’t result in immediate fines.”

Now is the time to act

HMRC are now urging landlords to install software for MTD as soon as possible.

Craig Ogilvie, HMRC’s director of Making Tax Digital, said: “With two months to go until MTD for Income Tax launches, now is the time to act. A range of software is available and the system is straightforward and helps reduce errors. Thousands of volunteers have already used it successfully.

“This will make it easier for sole traders and landlords to stay on top of their tax affairs and help ensure everyone pays the right amount of tax.

“Spreading your tax admin throughout the year means avoiding that last-minute scramble to complete a tax return every January. Go to GOV.UK and start preparing today.”

The government has also published guidance to help landlords find the right software for MTD, including a list of approved software providers.

Alongside this, a new online search tool has been launched, which asks a series of questions tailored to sole traders and landlords, before generating a personalised list of compatible MTD software options.

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Lenders cut buy to let rates and expand lending criteria

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Lenders cut buy to let rates and expand lending criteria

Buy to let lenders are sharpening pricing and criteria as landlords brace for a surge in refinancing activity in 2026.

The Mortgage Lender has reduced selected five-year fixed rate standard BTL products by 5bps.

The move is timed to coincide with what many expect to be one of the busiest remortgage cycles in recent years.

That’s because UK Finance is forecasting around 1.8 million fixed-rate mortgages will mature this year, including the investment sector.

That volume is pushing borrowers to review far more than a single deal, prompting deeper analysis of leverage, cashflow and long-term portfolio resilience.

TML’s limited-edition options

Along with lower rates, TML’s range includes limited-edition options starting from 3.29%, with both fee and fee-free products available.

Free valuations are also being offered across all BTL applications.

Chris Kirby, the head of field sales at Shawbrook, said: “Many landlords are using this point as an opportunity to look beyond a single refinance and review their wider portfolios, with affordability, balance and long-term sustainability firmly in focus.

RAW support for overseas landlords

RAW Capital Partners has adjusted its proposition to make repayment administration easier for foreign national borrowers.

The Guernsey-based specialist will now allow mortgage interest to be serviced directly from a UK bank account.

The change is designed to cut the cost and friction tied to cross-border transfers and currency exchange, particularly for landlords already collecting rent domestically.

The firm’s chief executive, Tim Parkes, said: “Landlords based overseas often face additional layers of complexity when investing in the UK buy to let market, particularly around day-to-day cash management.

“It’s a straightforward improvement that we’ve made based on ongoing feedback from brokers and borrowers.”

Atom unveils new commercial pricing

Atom bank has unveiled a 0.25% reduction in rates where applicants show a debt service coverage ratio of 200% on trading deals.

It also applies to an interest coverage ratio of 200% on investment property loans.

The incentive applies immediately to new submissions.

Atom has also simplified stress testing for commercial cases, setting affordability at 1% above Bank of England base rate plus margin.

The lender’s head of business lending, Tom Renwick, said: “In offering this discount, we are making it easier for high quality businesses to secure the funding they need, reinforcing our commitment to support a broader spectrum of SMEs with competitive and cost-effective funding to push on with their plans for 2026 and beyond.”

Portfolio expansion at TSB

Meanwhile, TSB has entered the portfolio landlord space with a new buy to let range.

The bank will lend to investors holding up to 10 mortgaged properties, with rates beginning at 3.89%.

Borrowing is available up to 75% loan to value, with advances from £25,000 to £1 million.

Applicants can hold as many as five buy-to-let loans with the bank, covering both acquisitions and remortgages.

TSB’s director of mortgages, Craig Calder, said: “We’re delighted to support even more customers with our award-winning mortgages, and the launch of our new portfolio buy to let lending helps give landlords more options in managing the cost of their properties.”

For assistance with any type of buy to let (BTL), property or commercial finance, please complete the contact form below:

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Bank of England holds interest rates at 3.75% as a Spring cut looms

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Bank of England holds interest rates at 3.75% as a Spring cut looms

The Bank of England has kept interest rates at 3.75%, leaving borrowing costs at their lowest point since February 2023.

However, experts are predicting that rate reductions will be seen in the Spring.

The decision by the Bank’s Monetary Policy Committee was widely anticipated by economists and financial markets.

Most forecasts had pointed to a hold, particularly after December’s drop from 4%, which came amid mounting concern over rising unemployment and subdued economic momentum.

Policymakers backed the decision by five votes to four, a narrower margin than many analysts had predicted, suggesting growing support within the committee for loosening policy sooner rather than later.

Andrew Bailey, the Bank’s governor, signalled the direction of travel in clear terms, stating that further cuts are now ‘likely’.

Property sector reaction

Steve Cox, the chief commercial officer at Fleet Mortgages, said: “In the buy to let market, pricing has continued to trend downwards during January as lenders, including Fleet, moved early to price competitively and secure business.

“We made further reductions to our own product range last week and introduced new 65% LTV products.

“However, with swap rates having crept up in recent weeks, there’s now a case for landlords to act sooner rather than later.”

Simon Gammon, a managing partner at Knight Frank Finance, said: “The Bank holding rates was widely expected, but the fact that four of the nine members of the Monetary Policy Committee voted to cut is a positive sign.

“Strong economic figures released over the past fortnight had prompted many of the larger lenders to raise mortgage rates in recent days, but this decision should reinforce a period of pricing stability.

“The best fixed rates have not moved higher and still sit at around 3.5%, but there has been considerable repricing across the middle of the market.”

Adrian Moloney, the group lending distribution director at Precise, said: “While many borrowers will have been hoping for an interest rate reduction, a period of stability should at least provide some reassurance and help households plan with greater confidence.

“Despite the base rate remaining unchanged, there is good news on affordability – with positive movement on mortgage rates and more flexible products coming to market, to help more home buyers and movers make the leap this year.”

Nick Leeming, the chairman of Jackson-Stops, said: “Today’s decision to hold interest rates comes as no surprise.

“Two consecutive cuts would have been unusual given the Bank of England’s cautious approach amid rising inflation, which unexpectedly climbed to 3.4% last month.

“December’s rate cut was the latest in a series of reductions last year, reflecting the MPC’s careful balancing act between slow economic growth, high wages and rising unemployment.”

Jonathan Samuels, the CEO of Octane Capital, said: “No news is good news in the grand scheme of things, and today’s decision to hold the base rate provides welcome consistency for both lenders and borrowers, particularly given the fact that inflation climbed in December and remains higher than the Bank of England’s 2% target.”

Nathan Emerson, the CEO of Propertymark, said: “Today’s decision to hold interest rates reflects the Bank of England’s cautious approach in the face of ongoing economic uncertainty.

“While we would ultimately welcome lower borrowing costs, stability at this stage gives buyers and sellers clarity about the cost of borrowing and allows the market to continue adapting.”

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HMRC writes to landlords as Making Tax Digital deadline approaches

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HMRC writes to landlords as Making Tax Digital deadline approaches

HMRC will write to thousands of landlords in the coming weeks ahead of the rollout of Making Tax Digital (MTD).

Under the controversial scheme, from April this year, landlords earning more than £50,000 will be required to keep digital records and submit quarterly updates to HMRC using authorised MTD-compliant software.

HMRC will contact landlords with income above the £50,000 threshold to explain how to prepare, including details of the new reporting system.

Make it easier for landlords

HMRC continue to claim MTD will be beneficial for landlords.

Craig Ogilvie, HMRC’s director of Making Tax Digital, said: “MTD for Income Tax is the most significant change to the Self Assessment regime since its introduction in 1997.

“It will make it easier for self-employed people and landlords to stay on top of their tax affairs and help ensure they pay the right amount of tax.”

The first batch of letters will be sent between 2–13 February and 16–27 March, confirming that affected taxpayers will be required to comply with Making Tax Digital from the start of the 2026–27 tax year.

The letters outline the main changes under MTD for Income Tax, including what MTD is, when taxpayers must begin using it, and the new requirement to submit quarterly updates using digital software.

No real benefit

As previously reported on Property118, many industry experts have raised scepticism over MTD.

Accountant Simon Misiewicz told Property118: “There’s no real benefit beyond maybe streamlining some of the work you already do. Does it help with tax returns and submissions? The truth is, I can’t see how.

“There’s no advantage for the individual in submitting quarterly returns, because HMRC doesn’t do anything with them until the end of the year. You don’t pay your taxes any earlier, and there is no real cash-flow benefit for the government”.

The government admitted in the MTD impact assessment that landlords earning £50,000 could incur an average transitional cost of £285 and an average annual additional cost of £115.

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Generation Rent calls for stronger council powers as holiday lets surge

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Generation Rent calls for stronger council powers as holiday lets surge

A dramatic rise in second homes and Airbnb-style holiday lets has driven families out of their communities as landlords prioritise profitability, according to a new report.

Research by Generation Rent found that by 2022, there were more than 330,000 holiday homes in England, accounting for around 7% of the private rented sector.

The tenant group is now calling on the government to give local councils the power to license holiday lets and restrict their numbers.

Number of holiday lets has reduced due to tax changes

According to the report, many second homes are let out as holiday lets, with 130,000 taxpayers declaring holiday let income in their tax returns.

Generation Rent claim in their report: “Expansion in the holiday home sector has been accelerated by a lack of effective regulation of short-term commercial holiday lets, alongside tax advantages that make holiday lets more profitable for landlords than residential tenancies.”

However, the number of holiday lets has reduced in recent years due to tax changes. In 2025, there were 268,152 second homes and 67,858 holiday lets, a total of 336,011. This is up from 2022 but down on 2024’s peak of 346,956.

The Conservatives ended the Furnished Holiday Letting (FHL) tax benefits. The scheme allowed holiday let landlords to claim tax relief on their properties if they let them out to holidaymakers for at least 105 days a year.

Other measures gave local authorities discretionary powers to charge up to 200% of the standard council tax rate on second homes. More than 70% of local authorities in England have chosen to exercise this new power.

Drop in holiday lets due to council enforcement

Generation Rent’s findings also reveal that the Isles of Scilly comes out on top of the top 10 local authority holiday home hotspots, based on holiday homes as a proportion of total housing stock at 31%.

Westminster (5%), Wandsworth (1%), and Oxford (1%) have seen holiday homes increase as a share of the local housing stock.

However, the report also finds a drop in holiday lets due to council enforcement, particularly in Camden, which saw the largest decrease in the proportion of holiday homes between 2021 and 2025, falling by three percentage points.

Over the same period, the council recorded a 61% rise in Empty Homes Premium charges, which are applied to properties left empty for at least a year to encourage owners to bring them back into use.

Generation Rent data shows holiday homes in Manchester have fluctuated over the past 18 months.

The tenant group reports many flats start as ‘second homes’ because they are furnished with unknown occupancies, while empty homes are usually unfurnished. Over time, they may be reclassified as student or occupied dwellings. Generation Rent found that 73% of second homes in Manchester still aren’t paying the relevant premium, likely due to this delay.

Give councils more powers to crack down on holiday lets

The tenant group is calling on the government to crack down on holiday lets and give councils stronger enforcement powers.

Generation Rent posted on X, formerly Twitter: “Holiday lets are pricing locals out of their own communities.

“The government must give councils the powers they need to license and limit them, now. Without action, tourism will keep taking homes.”

The news comes as the government announced last year a consultation on new powers for regional Mayors to impose an overnight levy on holiday lets.

The Ministry of Housing, Communities and Local Government have confirmed any new levy would apply to visitors at accommodation providers, including hotels, holiday lets, bed and breakfasts, and guesthouses.

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Deed of surrender or email advising leaving date?

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Deed of surrender or email advising leaving date?

Hi, we are in the process of buying a flat with tenants in situ. Their lease expires at the beginning of August. We have met them, and they said they plan to leave on that date.

Before we complete the purchase, we plan to meet the tenants again and are considering whether it is better for them to sign a deed of surrender for 1 August (even though we are not yet their landlords) or ask them to email us when we are there, confirming that they wish to leave on 1 August.

We are conscious of the Renters’ Rights Act from 1 May and want to make sure the tenants will vacate on 1 August, either by deed of surrender, email confirmation or any other way that Property118 readers recommend.

The reason we are happy to buy around April and keep the tenants until August is that they are currently students and are completing a course.

Also, we would have the flat available for September, which is a time of high demand for rentals.

Is this feasible?

Thanks,

Marie

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