EPC Regs!
The UK Government is introducing new energy efficiency regulations that will require all privately rented properties to achieve at least a C rating on their Energy Performance Certificate (EPC) by 2030. Currently, 52% of these properties fall below this standard, raising concerns among landlords about the cost of upgrading. However, it may not be as costly as it seems.
What can landlords do?
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Conduct an EPC assessment: First, get your property’s EPC rating assessed. Many landlords are unaware of their rating, but small improvements, like switching to energy-efficient lighting or upgrading windows, might bring a property closer to the required C rating.
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Prioritize low-cost improvements: Focus on small upgrades for now, such as adding roof or wall insulation, or switching to LED lights, which can improve your rating without significant expense.
Government support for EPC upgrades
There are government schemes to help with the costs of upgrading, such as the Warm Homes: Local Grant (starting in 2025) for landlords with properties rated D-G and tenants on low incomes. The Energy Company Obligation (ECO)and the Great British Insulation Scheme also provide assistance for low-income households and landlords*.
Impact on mortgages
A higher EPC rating can lower mortgage rates. Lenders often offer discounts of 5-10 basis points for A-C rated properties, which can result in savings over time.
While the new EPC regulations may seem daunting, they offer a chance to improve property efficiency, increase property value, and reduce mortgage costs. Start by assessing your EPC and making affordable improvements to comply with the regulations.
As always, we are here to help!
