Gemma Jones from our Property Management Department is talking about the regulations that are due to come into law in 2028 and 2030. All rental homes will be required to have an Energy Performance Certificate (EPC) rating of band C or higher.
We have assessed the now near 900 properties that we are managing in our area and 51% of these properties are rated at “C” or above and therefore will not need any alterations, the 49% that are below the minimum standard range from being just short of the target to way off. If this is representative of the nations rental housing stock then half the properties out there are in need of attention.
The new proposed changes to these regulations will undoubtedly improve the quality of rental homes by making them more energy efficient and saving tenants money in energy bills but at the cost of further rent increases. It is reported that a current property that is rated at E will require investment of around £8,000 by the landlord, once completed the tenant will save around £300 per year in energy bills. The landlord could complete a rent review where applicable to recover the expense thus costing the tenant around £600 per year more.
At the moment we are advising clients to just make affordable upgrades to their properties and in some cases that could be enough to get over the line to a C rating. For example putting 300mm of loft insulation in the roof, adding hot water cylinder insulation and switching to low energy LED lighting can increase the ratings by several points. Where possible installing cavity wall insulation at a cost of around £500 can make a considerable difference.
There will be help in the form of grants. The Government plan includes a Warm Homes, Local Grant to help landlords fund these upgrades along with other schemes such as the Great British Insulation Scheme. Depending on the overall circumstances landlords may qualify for funding up to £15,000 towards Solar Panels, air source heat pumps, electric heating and insulation upgrades.
If you are concerned and would like to discuss this subject please call a member of our Property Management Team on 01630 652314 or call into your local branch.
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