Feeling the heat of increasing energy bills?

In this week’s edition, we discuss:

WITH mortgage interest rates rising, fuel costs soaring, and living in general becoming more expensive, the property market is showing signs of slowing and prices are not quite as punchy as they have been of late. In turn, this means many sellers may have to readjust their expectations – and potential buyers are now actively enquiring about EPC bands. Interestingly, while the Covid pandemic was a catalyst for re-assessing how and where we live, the current economic crisis is causing many people to question not only how they will heat their home this coming winter, but how much of it to heat.

This week our offices in Bridge of Allan and Linlithgow have both noted a sharp increase in enquiries from mainly older homeowners now looking to downsize to a smaller and more affordable property. That said, the older generation has been there before, as my father recently reminded me. In the 50s and 60s homes did not have central heating and only the living room was heated, usually by a coal fire, so having the whole house at a balmy temperature was unimaginable. Similarly, older homeowners can recall when mortgage interest rates reached a record high of 17 per cent in 1981. While many people could be contemplating a return to heating only one room in the house this winter – evidenced by the upsurge in sales of wood-burning stoves of late – hopefully interest rates will not be setting new records any time soon.