The UK government has published advice on energy performance certificates (EPCs) for property investors. The Department for Communities and Local Government (DCLG) issued the guidance for landlords to ensure they are aware of their responsibilities on EPCs

An EU directive set to be fully implemented by the end of 2008 rules that any building which is sold, rented out or constructed must have an EPC. The DCLG said:

“Landlords must provide an EPC free of charge to prospective tenants at the earliest opportunity and must provide a copy of the EPC to the person who takes up the tenancy.

“The purpose of the EPC is to show prospective tenants the energy performance of the dwelling they are considering renting.”

Properties occupied before October 1 this year which continue to be occupied by the same tenant will be exempt – the rules will apply only to new tenants. Provided by accredited assessors and commissioned by landlords, EPCs will grade the energy efficiency of homes from A to G, with A the most efficient.

The DCLG added:

“If the landlord has failed to provide an EPC to a tenant, or fails to show an EPC to an enforcement officer when asked, Trading Standards can issue a notice with a penalty charge of £200 per dwelling.”

EPC Guide

A development of 300 villas and terraced homes is to be built by a Dubai firm at its Al Furjan development. Nakheel, a Dubai World company, revealed the project will go ahead following an agreement with Al Shafar Transport and Contracting Co.

The announcement followed a statement last week that Arabtec had reached an agreement with Nakheel to build the first 1,500 homes of the Al Furjan development in a contract worth AED 3 billion.

Ahmed Abdullah Al Shafar, chairman of Al Shafar Transport and Contracting Co, said:

“We are extremely pleased to have been appointed to work with Nakheel on the Al Furjan project.

“This is not the first time we have undertaken a contract with Nakheel and this project continues to reflect our desire to be aligned with this prestigious company.”

When fully complete the development, which includes commercial plots and hotels, will house a daytime population of 90,000 people and feature more than 4,000 homes. Construction is due to start at the end of 2009 with handovers expected to start in 2010.

Nakheel’s vast Dubai portfolio also includes Palm Jumeirah, and the Palm Jebel Ali. Al Shafar is a local Dubai firm company founded in the 1960s and now a key part of the Emirate’s ongoing development.

The latest survey of UK residential property has shown house prices are now 6.3 per cent lower than they were in June last year. Nationwide’s house price index revealed prices are also 7.3 per cent lower than they were at an October 2007 peak.

However, the firm said the pace of falls had slowed while they remained four per cent higher than they were two years ago. Only Scotland has avoided an annual house price decline, the poll showed. Nationwide chief economist Fionnuala Earley said:

“The price of a typical house is now £172,415. This is over £13,500 less than it would have cost at the top of the market and over £11,500 less than this time last year.

“However, the strength of house price growth up until last year mean prices are still four per cent higher than two years ago and nine per cent higher than three years ago.”

She added the amount of sales was a “key driver of house prices” saying the number of purchase approvals per month is now at an historic low. The statistics show first-time buyers are still accounting for the same share of the market, but the number of movers buying new houses is in decline.