A third of landlords are not confident their properties can be raised to the minimum EPC band C in time to meet the government’s deadline, a new poll has revealed.
All rented properties within England and Wales must reach the EPC band C level by 2025 for new tenancies and 2028 for all remaining ones, leaving landlords with just four years to plan and pay for upgrades.
Nationwide’s specialist lender The Mortgage Works canvassed 750 landlords on the subject and found that half of those struggling to attain the EPC rating said the limitation of their buildings – for example listed status – made upgrades difficult or impossible.
Other concerns included access to the property while tenants were in situ and the disruption caused, little or no payback on the investment, limited benefits for their tenants, difficulties finding reputable or available tradespeople, difficulty understanding the complicated rule governing upgrades and a lack of cash.
The poll also reveals that smaller portfolio landlord will be the least able to cope with the new EPC requirements, that 14% of landlord said they’d need to spend a whole year’s rent to upgrade their property and that one in ten just ‘have no idea where to start’ although 41% said they were aware of what needed to be done.
Daniel Clinton (pictured), Head of The Mortgage Works, which offers green upgrade financing, says: “Given the concerns and challenges facing landlords in not only making the necessary improvements, but financing them, it’s perhaps no surprise that more than a third of landlords are not confident they will be able to bring their properties up to the required EPC ‘C’ standard.
“It’s also great to hear that the Government would like to introduce a new financial support package to help people improve the energy efficiency of their homes, however, we hope that any such scheme would also be open to helping landlords meet their requirements.”