In this three-minute read, we look at the latest developments on Energy Performance Certificate (EPC) ratings and what they mean for landlords.
With so much focus on Covid-19 in recent weeks, a new consultation that is of significance to landlords almost slipped under the radar.
The government has quietly launched a consultation that proposes raising the minimum EPC of privately rented properties in England and Wales to C by 2025 for new tenancies and by 2028 for all tenancies.
Currently, all privately let properties must have an EPC rating of at least E.
There was an industry expectation that in England and Wales this would rise to D by 2025. The suggestion that things might move at a much faster pace, and jump by two ratings in one go, took many by surprise and raised some alarm at the costs that might be involved.
The consultation is open for comments until 30 December, but it’s useful in the meantime for Cardiff landlords to briefly consider the position they would find themselves in, should the rating shift up to C.
2025 may seem like a long way off, and we are still battling our way through a pandemic, so it’s tempting to file the issue of EPCs in the too hard basket. So what if it’s C or D, you might say, why not worry about it later?
But when it comes to property, it always pays to take a long-term approach. That way you can:
- Space out any measures you need to take to lift your property’s EPC, rather than forking out for them in one hit.
- Avoid finding yourself in a last-minute rush to get tradespeople to carry out works at your property before the government deadline.
- Plan and research what you want to do at your property to add maximum value and get the best deal on products.
- Get your finances in order if you are going ahead with major works.
Issues to consider
The age of a property significantly influences its energy-efficient status. A new-build, for example, will most likely generate much lower energy emissions than a standard Victorian terrace.
If you are looking to improve your rating, consider installing:
- Double or triple glazing.
- Loft and wall insulation.
- Solar panels.
- Ground-source heat pumps.
- An energy-efficient boiler.
The efficiency of a boiler forms a fundamental part of an EPC rating, so if you’re looking to achieve real impact, the boiler is the Big Daddy.
New boilers aren’t cheap, but you will be adding value to your property and improving its appeal to renters (who wouldn’t want to live in a property where the bills will be lower?).
As we move forward, the emphasis on energy use (and misuse) is only going to become more pressing. Any measures that you take to make your property more sustainable will serve as a selling point in the future.
The key is to plan now so that you can implement them in your own time.
If you’d like to get more advice about how to improve the energy rating of your property or to be kept up-to-date with the results of the government consultation, then get in touch with us here at Harry Harper. We can advise you on the best way to manage your property and do your bit for the planet.