9:18 AM, 9th February 2022, About 4 months ago 14
Specialist Buy to Let and commercial bank Shawbrook has released a report concerned about the threat to the rental market posed by a future C rating EPC target. Click here
The headlines of the report indicate that 23% of landlords surveyed say the EPC ratings of their properties are currently D or below and that a further quarter of landlords are unaware of the specific energy efficiency rating of their property.
Shawbrook Bank are concerned Landlords including their own borrowers could be unprepared for the proposed 2025 deadline, resulting in unrentable and unsellable properties.
The proposed regulations would require landlords to make changes to their properties to improve the energy efficiency by 2025 for all new tenancies. This means bringing their property’s EPC rating up to a C or above. For existing tenancies, landlords have until 2028.
Emma Cox, Sales Director at Shawbrook Bank, said:
“Improving the energy efficiency of properties is a vital step in reducing our impact on the environment, however, this will not necessarily be a straightforward process for landlords. The UK has a significant proportion of older properties that are particularly challenging to improve, and many landlords remain in the dark as to their properties’ current ratings.
“Landlords will require further support from both the industry and the government in order to make the changes in good time. Indeed, with the cost of labour and supplies rising, it could be a costly exercise for all landlords, but there are solutions available.
“It is in everyone’s interest that properties are made more energy-efficient, however, this cannot be done half-heartedly, and we must ensure sufficient resources are provided so that landlords can make the appropriate changes to benefit their properties and their tenants.
“We hope that our forthcoming working group provides a space for landlords and the wider industry to share ideas and solutions to confront this challenge, and we look forward to sharing the findings in the coming weeks and months.”
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