As you know homeowners with older vehicles are facing higher costs. The ULEZ charges £12.50 per day for vehicles that do not meet the emissions standards. This is a significant cost for homeowners who rely on their cars to get around. South London homeowners who live in the ULEZ are facing a loss in property value. According to a recent study, homes in the ULEZ are worth an average of £10,000 less than homes outside the zone. This is because buyers are less likely to want to live in an area where they have to pay extra to drive their cars! Not surprising of course.
Wait for it, combining ULEZ and recent tenant legislation - you can see where it's going, before you know it landlords who rent out properties in the ULEZ will be responsible for paying the ULEZ charge for their tenants' vehicles!
Overall the ULEZ is having a negative impact on South London homeowners. The higher costs, loss in property value, and additional rental costs are making it difficult for homeowners to afford to live in the area.
- Homeowners are being forced to replace their older vehicles with newer, more expensive models. This is a significant financial burden for many homeowners, especially those on a fixed income.
- Homeowners are having to find alternative ways to get around, such as public transportation or cycling. This can be time-consuming and inconvenient, especially for those who live in rural areas.
- Homeowners are feeling less confident about the future of their property values. The ULEZ is one of a number of factors that are making it difficult to predict how property prices in South London will perform in the coming years.
With all these points in mind, where is your next property going to be, inside or outside the ULEZ? Check your property's current value using my online valuation tool or invite me around for a more detailed appraisal!