News
Landlords need 18 YEARS to meet EPC standards warns Hamptons
Wednesday 21st August 2024
David Callaghan
It will take another 18 years for landlords to meet EPC rating standards for rental properties, according to a leading estate agency.
If work on upgrading rented homes continues at the current rate, Hamptons says, then it will not be completed until 2042.
PRESSURE IS ON
Miatta Fahnbulleh, Minister for Energy Security and Net Zero, confirmed this week that the Government will bring in a requirement for rental properties to attain a minimum C grade by 2030.
The Tories had previously shelved their plans for the requirement believing it would be too costly for landlords, especially for those upgrading older Victorian properties
But now the pressure is on again for landlords to become compliant with the rules within six years.
HIGHER BAND
So far this year, 39% of EPCs carried out on rental homes have seen the property move into a higher band, Hamptons says.
But to meet the proposed 2030 target, around 340,000 rental homes every year will need to make improvements to achieve at least a C rating.
Around 115,000 homes will make sufficient improvements to achieve a C rating in 2024.
Successive changes to proposed energy efficiency rules have shifted the goalposts for landlords."
Link to Hamptons news:
Aneisha Beveridge, Head of Research at Hamptons, says: "Successive changes to proposed energy efficiency rules have shifted the goalposts for landlords, some of whom face costs which can run into tens of thousands of pounds.
"Despite this, many investors have continued to improve the energy efficiency of their rental homes and we're currently on track to see 100% of rental homes where an EPC A-C is viable, reach that rating within a generation," she says.
"To meet the government's 2030 target, the same number of homes will need to see energy upgrades over the next five years as we've seen make improvements in the last 30 years."
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