A new study carried out by Shawbrook Bank suggests 15% of landlords are unaware of changes to Energy Performance Certificate (EPC) rules. This will see rental property requiring to hold an EPC rating of C or better to be eligible for rental purposes. This could see some rental properties become “unrentable”, so it is vital landlords familiarise themselves with the projected changes.
25% of landlords say they have little to no knowledge of proposed changes to the EPC regulations.
Adding these two groups together creates a situation where 40% of landlords have no more than a vague awareness of something that will significantly impact their business.
At Just Lets, we aim to support landlords in Peterborough as best we can, and if you need any assistance, please contact us.
Why is this an issue for some landlords in Peterborough
36% of landlords have properties that were built before 1940.
It is believed that Victorian properties account for 13% of the rental stock across the UK. There are many fine examples of Victorian property across Peterborough, so it is likely to be a pressing issue for many local landlords.
These homes look fantastic, and stand out in comparison with more modern homes. However, the issue of heating these homes needs to be addressed.
What factors matter with respect to energy efficiency in property?
The Office for National Statistics (ONS) lists the most significant factors for a property’s energy efficiency are:
- The age of the property
- The type of fuel used in the property
- The property type
It shouldn’t be a surprise to learn that homes built since 2012 in England and Wales are likely to be far more energy efficient compared to older property.
These homes are commonly classed as having the highest energy efficiency rating, while just 12% of assessed homes which were built before 1900 in England hold this classification.
Only 42% of assessed property in England holds an Energy Performance Certificate (EPC) of at least a C. This means close to 60% of all assessed homes will fall below the expected standard, which is a huge concern for the lettings sector.
Propertymark’s policy and campaigns manager Timothy Douglas says: “The UK government must take these findings seriously and understand the huge challenge that many landlords face to upgrade property which introduces a real risk of many exiting the sector. To navigate this, they must provide funding and support based on much broader considerations.”
The ONS says: “Controlling for other factors, the age of a dwelling has the biggest impact on its energy efficiency, with newer homes much more likely than older homes to have an EPC rating of C or above. To understand the biggest influences on a home’s energy efficiency, we have used a logistic regression model to assess the impact of different characteristics in isolation (or controlling for other variables). The data used in this analysis only covers homes for which an EPC exists, and therefore doesn’t reflect the entire housing stock.”
The ONS also said; “Newer homes are the most likely to be energy efficient. Almost all dwellings in England and Wales built since 2012 have an EPC rating of C or above, and as such the odds of a house of this age having a high rating are extremely high compared with houses built earlier. Homes built before 1900 were the least likely to have a high efficiency rating.”
Therefore, we know these are challenging times for many landlords, but with our help, you can make informed decisions that help you manage your rental property and tenants effectively.
Just Lets – Here to Help
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
The team at Just Lets Peterborough continue to operate remotely to ensure we can continue to serve you and your tenants throughout this covid period and beyond. Please contact us through our usual channels – email us at email@example.com or call us today on 01733 346255.