Is now the time to have a positive impact on global warming? Currently you need a minimum EPC rating of an ‘E’ or below in order to rent your property unless you have an exemption but with the proposed changes this be will need to be a ‘C’ or below.
In this blog we are going to review the recent talks and research on proposed changes and how it may impact Landlords within the property sector.
A bill was recently introduced earlier this month and will be debated by MP’s this August. Backers of the Bill say it will help the government see that all private rental homes are EPC band C or below by 2028, and that all homes - including owner occupied ones - should be EPC band C by 2035. In addition mortgage lenders should ensure an EPC band C average for their portfolios by 2030.
The government plans to have all private rental properties within England and Wales to have an EPC rating of at least a ‘C’ or above on any new tenancy within the next four years and for existing tenancies by 2028 meaning a majority of properties will require improvements to meet these new standards. New research reveals a lack of confidence from Landlords that will meet the deadline.
According to the poll of around 750 landlords, conducted by The Mortgage Works, more than a third (35%) say they are not confident they will be able to bring their properties up to the required energy efficiency standard. This is not only due to a lack of available capital but also a lack of awareness regarding what it takes to achieve that ‘C’ rating.
A separate study by Kamma has calculated an average of 2.9 million homes would need improving to meet the new proposed changes in the rental section with an estimated average cost of £9,872 per property. The total bill facing the section could hit as much as £29 billion.
Last week I posted a small video on social media asking what peoples thoughts where on these proposals which a lot of you got involved with. If you haven’t got involved already then I would love to hear your views too @TheLandlordPage.