Predicted Prevalence of Transactional Hurdles and EPCs in the 2024 Market

Projections indicate that energy efficiency and transactional obstacles will take center stage in 2024, significantly impacting real estate agents, buyers, and sellers alike.

Stacks Property Search, a prominent buying agent, has offered insightful forecasts for the upcoming year.

James Law, one of their agents, cautioned about an upsurge in practices such as ‘gazundering,’ ‘chiselling,’ and ‘renegotiating.’

He noted, “Irrespective of the term used, any unfair last-minute tactics aimed at securing a property or its contents for a lower price than agreed upon result in a breach of trust. Such negativity reverberates through the transaction process and its aftermath. Particularly when sellers remain in close proximity, the consequences can be significant. Buyers should enter the new year with a commitment to treating sellers as they would want to be treated themselves.”

Another agent, Rachel Johnston, highlighted the proactive approach of younger generations toward future-proofing the planet and their lives. This inclination will drive increased demand for well-insulated properties furnished with eco-friendly features.

Johnston stressed the urgency for developers to align with this demand. While acknowledging that some developers excel in meeting these standards, she noted that many merely meet the minimum legal requirements. Prospective property buyers were advised to meticulously scrutinize developers’ claims.

George Barkes, another agent, emphasized the growing importance of Energy Performance Certificates (EPCs) among modern buyers. He observed that previously overlooked, EPCs now warrant serious attention. With escalating oil prices raising concerns about insulation, operating costs, and resale values, buyers are becoming more discerning about EPC ratings, increasingly favoring ratings higher than a C.

Barkes anticipated a surge in vendors seeking higher EPC ratings before selling, while buyers become increasingly sensitive to lower-rated properties. He predicted a rise in retrofitting properties for improved energy efficiency as the industry progresses, foreseeing declining prices for such modifications and the emergence of more advanced environmental solutions.

Offering a unique perspective, Anto Clay discussed a rising trend in the evolving landscape of family structures. He observed a growing preference for adjacent properties over a single, larger residence. This concept of ‘living separately together’ allows for independence while sharing aspects of daily life through interconnected properties. Clay cautioned about challenges, emphasizing the need for clear boundaries despite the presence of adjoining doors, citing examples like Tim Burton and Helena Bonham-Carter. He also highlighted the positive implications for separated couples sharing parental responsibilities, facilitating childcare and extended family living.