Alarming statistics emanating from research done by Mortgage Advice Bureau (MAB) revealed nearly half of UK landlords are under the misguided impression that the upcoming Energy Performance Certificate (EPC) legislation is merely a yardstick.
Currently the minimum energy efficiency rating to lawfully let a private residential property is E Band, but this will increase to C Band by 2026.
Responses collated from 501 participants revealed that while 86 per cent of landlords knew the EPC rating of their property portfolios, only 35 per cent were aware that the new EPC legislation would become law and a further 18 per cent were completely oblivious to the imminent changes.
In our recent LinkedIn poll, we asked followers if they knew the minimum efficiency rating currently needed to let out a private residential property. A staggering 21% voted D, 3% F and only 76% voted E, the correct regulated Band.
Deputy CEO of MAB, Ben Thompson highlighted the hurdles that landlords face in meeting the incoming EPC legislation deadline. These include a short timeframe, higher interest rates, escalating cost of living pressures and a lack of knowledge of the changes they are required to make to their properties.
Landlords who are in the know were found to be most concerned about finding a reputable contractor, the cost of retrofitting energy efficient upgrades, inconveniencing tenants and the time it would take to make the required changes.
Get EPC compliant now
Regardless of when the EPC legislation becomes law, whether government decides to delay the deadline to accommodate property owners, properties with an EPC rating below C Band will most certainly have to be upgraded sooner or later, and the longer retrofitting is delayed, the greater the cost will be.
“While delaying the cut-off date before the law comes into place is clearly a sensible move, unless there is clear help unveiled to support with the cost of retrofitting, the landlords could find themselves up against the deadline again in a few years’ time,” Thompson cautioned.
Delaying also leaves tenants burdened with higher energy bills for longer, making your property less sought after.
In addition, once the EPC legislation becomes law, properties with an EPC below C Band will not be allowed to be rented and landlords may face substantial fines for noncompliance.
How can Vibrant give you, the landlord, peace of mind?
With a stellar industry track record, assessors near every UK post code and a network of trusted supply chain that we’ve been working with for many years, Vibrant Energy Matters is your best partner in achieving compliance with EPC legislation.
Partnering with us means having an expert at your side who not only cares about you, the landlord, but also your tenants.
Contact us today if you have any questions or to enquire about our unrivalled service packages.