Does your rental property hit the energy performance mark?
In this article we look at the forthcoming changes to EPC's and what this means to Landlords and Mortgage Lenders.
- Government targets state that by the end of 2025 new lets will require an Energy Performance Certificate (EPC) rating of band C or above.
- Just over half (51%) of all rental properties let out over the last 12 months had an EPC of band C or above, virtually unchanged on the previous 12 months.
- Mortgage lenders have new requirements too. They must ensure that the average performance of their domestic portfolios is at least EPC band C, by 31 Dec 2030.
- Landlords will not be expected to pay more than £3,500 +VAT on energy efficiency improvements.
- Source: Dataloft Rental Market Analytics (DRMA), UK Government – tenancies started 12 months to Feb 2022