15:59 PM, 25th July 2022, About 3 weeks ago 6
Propertymark has analysed data from the latest English Housing Survey and is warning the market that 40% of the English PRS are likely to fall short of EPC rating targets currently proposed to come into force later this decade.
The forecast by Propertymark is predicting, based on the number of PRS properties with an EPC rating of C increasing from 19% to 39% in the eight years to 2020, that at the current rate only 60% of properties will achieve a C rating by 2028.
Propertymark is calling for the government to consider a multi-track policy taking into account a property’s age, condition and size so that the cost of improvements don’t preclude a vast percentage of properties from being precluded from the rental market.
The concern is that the North of England with lower property values will be the hardest hit with prohibitive costs.
Timothy Douglas, Propertymark Head of Policy and Campaigns, said: “We knew it would be a huge challenge for the PRS to achieve the proposed 2028 target because the owners of rental properties will not directly benefit from lower energy bills, so where is their incentive? The data in the English Housing Survey shows just how far there is to go.
“Our member agents are already seeing rental properties disappearing from the market for various reasons and there is a real danger more could go with the EPC rating target hanging over them.
“Propertymark supports moves to improve the energy efficiency of property types and will continue to lobby for a national retrofit strategy with realistic, fair and achievable targets alongside dedicated, long-term grants that consider each property’s individual characteristics.”
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