Some 78% of landlords have now heard about government proposals around energy performance certificate (EPC) ratings, but many landlords, while aware of the rules, confess to not knowing a lot about the proposals, research from Shawbrook reveals.
A similar number, 73%, of landlords agreed that the government has done a poor job communicating the proposed EPC changes.
Shawbrook’s research comes following the Autumn Statement where Chancellor Jeremy Hunt reaffirmed the government’s commitment to net zero with a proposal to reduce energy consumption from buildings and industry by 15% by 2030.
Hunt stated that the government will be doubling funding to improve the energy efficiency of buildings and industry to achieve the target, adding another £6bn from 2025.
The government has previously set out an aspiration for a minimum C rating in England and Wales by April 2025.
A lack of information appeared to be a key issue for landlords looking to comply with EPC changes with 31% citing it as a barrier for them in improving the EPC ratings of their properties.
Ultimately, 68% of landlords agree that there isn’t enough support for them to make improvements.
Just over half, 56%, of landlords have now spoken to either a lender or broker about the expected EPC proposals, however, four in 10 have not addressed the proposals with either their lender or broker.
Shawbrook managing director of real estate Emma Cox says: “Landlords are already grappling with a volatile housing market so it’s vital that they are planning ahead where possible.”
“The government has made clear its aspirations for net zero buildings and every homeowner and property investor in the UK will have a role to play in getting us to this goal. However, while many landlords have done their homework and know of the current EPC proposals there is still a huge amount of uncertainty.”
“While some in the industry are waiting for a confirmation from the government or direction on the timings of the proposals, others are already taking action to make their properties more sustainable.”
“The fear is with materials and service costs going up, improvement work could become increasingly expensive as the proposed 2025 deadline comes closer.”
