Fair Rents (Scotland) Bill or Artificial state manipulation of free market rent?10:34 AM, 6th November 2020
About 4 weeks ago 36
A recent study exploring the risks and impacts on the reliability of Energy Performance Certificates (EPCs) has uncovered a staggering amount of properties across the UK may be unwittingly let illegally. An extensive study using Spec technology has estimated that poor measurement standards currently used by the property sector has led to approximately 2.5 million EPCs being inaccurately rated.
The report, entitled, Impacts of Inaccurate Area Measurement on EPC Grades explores how outdated techniques to measure floor space can have a significant impact on the accuracy of EPCs.
According to the study, 1 in 4 EPCs are mismeasured by at least 10% of their size. It also indicated that 1 in 4 property measurement reports are out by at least 100 Sq Ft, meaning there could be serious consequences on the validity of EPC ratings across the country.
With an estimated one million properties that require an EPC to be legally let in the UK, approximately 33,000 E-rated properties are thought to be incorrectly rated, and therefore being let illegally.
The incorrect measurements leading to miscalculated EPC ratings also result in inflated mortgages or under insured houses, affecting owners’ ability to qualify for ‘green mortgages’, that financially benefit those with better performing properties.
James D Marshall, Founder and CEO at Spec said: “With the growing importance of EPCs, financially, legally and environmentally, it is crucial for owners to be aware of the effects that inaccurate property measurements could have on their EPC ratings. A property’s energy efficiency rating ranges from A-G, with G being the worst possible rating.
“We know that the Government hopes to have homes in the private rented sector, and all fuel-poor homes, to be upgraded to EPC band C by 2030 under its Clean Growth Strategy. However this target currently remains fanciful due to the inaccurate measurements set in place.
“It’s also clear that property professionals must very carefully consider what services and systems their business is using. Properties being marketed with inaccurate EPCs are a legal liability both to the agents marketing them and the owners or landlord renting them,” he said.
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