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Energy Prices are Rising. What This Means for Landlords.

How it works:

Some landlords pay the utility companies directly and send the bill to the tenant. In HMOs (Houses of Multiple Occupancy) also known as a house share, this is likely to be the case. In most private accommodation however, the tenants pay the bills themselves. In the case of the former, landlords will be experiencing a rise in bill payments, albeit protected by the price cap that protects bill payers from sudden market supply fluctuations. Despite pressure from energy companies, the government has so far pledged to keep these caps in place.

Why is this happening?

Higher gas prices have pushed electricity prices up because one third of Britain’s electricity is generated from the burning of natural gas. Gas firms that have collapsed as a result have led to customers being transferred to other companies that are seeking government bailouts. When this happens, prices offered may rise, although still subject to the price cap.

Ofgem, the regulator released a statement reassuring consumers and businesses that the supply still dwarfs demand, but that changes in the international markets have led to this unexpected situation. In an interview with Channel 4, Ofgem CEO Jonathan Brearley stated it is too early to tell if these short term price shocks will sustain. If that is the case, the price caps will be raised and the cost will pass over, but not if prices retrace. We will be following closely on your behalf and keeping this space updated.

Our offer:

There are still a pool of, albeit decreasing, energy providers that are offering rates slightly below the price cap. We have partnered with Switchd to provide you with a service that connects you to the best energy deals available nationwide.

Reddbox also has new insurance plans in the pipeline. Stick with us and soon you will be able to take out insurance, hire tradesmen and store documents all in the app, and let Reddbox calculate the figures for you, in time for the Making Tax Digital mandate.

Download the app and follow few screens to provide your details, and that’s it. Some of the key features why you should consider Reddbox are –

  • A completely app-based, super simple booking process
  • Option to pay for the service over few months without any additional interest or fee.
  • You can book the service seven days a week, which means no need to disrupt your busy day
  • A very transparent cancellation and refund policy.
  • And the best one – Reddbox will automatically organise all the relevant documents such as the invoice and the certificate.