More than two-fifths (42%) of landlords remain unaware that an Energy Performance Certificate (EPC) rating of Band C is soon to become the minimum standard allowed by law for private rented properties, the latest analysis from epIMS has revealed.
On 4th December 2024, the Government announced a consultation on its proposed changes to the EPC rating system, which is expected to enshrine in law that, from 2030 onwards, a private rented property must have a minimum EPC rating of C.
While an EPC is a legal requirement, with E being the current acceptable minimum for private rented properties, a certificate is valid for 10 years, which means a lot of landlords will not have had to consider their rating for quite some time.
As such, more than a quarter (27%) were unaware of what the current EPC rating is for each of the properties in their portfolio.
32% of landlords were unaware that EPCs are scored using a points-based system, and 65% did not know how many points were required to achieve an overall rating of C.
When asked when they plan to carry out the required energy performance improvements, 15% said they would do it within the next 12 months, 11% said within the next four years, and 75% said they are willing to wait until last minute, stating only that they plan to make the improvements by the 2030 deadline.
Craig Cooper, COO of epIMS, said: “A lot of landlords feel like they’re swimming against the tide at the moment, and with the Government now intent on introducing new minimum EPC standards, it’s understandable that many feel frustrated at yet another policy that is likely to eat away at their profit margins.
“But improving an EPC rating needn’t be difficult or overly expensive, it just requires a good understanding of how ratings are attributed and how different improvements can increase your score.
“To this end, landlords are being bombarded with generalised lessons on how to improve a rating, but this knowledge is only so helpful.
“No two properties are the same, so what’s important is gaining insight into exactly where your specific property is falling short and what improvements are going to have the biggest impact in terms of the points awarded.”
He added: “With this knowledge in hand, landlords may be pleasantly surprised by how simple and affordable it can be to reach the required standard.
“For example, the difference between a D and C might only be a few EPC points that can be collected through the most minor of improvements.”
Article From The Intermediary - Jessica O'Connor
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