Affordable EPC Improvements Landlords Can Make
As a landlord, you know all about the Energy Performance Certificate (EPC), and how important it is in the property market. If you don’t have an EPC, or an EPC of a high-enough standard, you are unable to let your rental property.
With a lot of rumours suggesting the Government intends to set a higher standard of EPC for rental accommodation in the future, it is natural some landlords have concerns about the cost of upgrading their rental property to meet new standards.
The Rightmove study looked at 15 million homes across England and Wales, and found:
- 59% of properties hold a D, E, F or G rating
- The potential to reduce this percentage to 11% if recommended improvements are followed
- Up to 11 million homes in England and Wales don’t have an EPC rating
Looking to make affordable changes?
While the cost of raising standards depends on the property and its initial condition, there are ways landlords can make affordable changes, which impact their rental property. In addition to their study, Rightmove presented a range of affordable upgrades which will hopefully assist landlords in improving their rental property.
- Install solar panels – While this is the most commonly recommended step, it is expensive, and will run into thousands of pounds
- Switching to low energy lighting – This is also a highly recommended option, but is far more affordable, the average cost is less than £40
- Insulating the hot water cylinder is a sensible option, and can be arranged at around £20
- Draught-proofing single glaze windows costs around £100
- Adding or improving loft insulation is sensible, and the average cost is £223
- Upgrading your heating control is sensible, but more expensive, with an average cost of £400
Rightmove’s director of property data Tim Bannister says: “It’s encouraging to see that there are some energy efficiency improvements that can cost less than £100, so it’s definitely worth checking your EPC if your home has one to see if there are small changes you could make to try and improve your rating. The bigger challenge is for those homes with much lower ratings that will cost a substantial amount of money to improve. There are a number of homeowners who don’t feel an urgent need to make changes now unless it makes a big difference to the cost of their household bills or if it’s going to make their home more attractive to a potential buyer if they’re planning to sell.”
Tim concluded by saying; “It’s early days with some lenders now starting to introduce green mortgages as incentives, but homeowners need to be better informed that how green your home is will become increasingly important as we aim to move towards a net zero society, and they need more help to understand why making improvements are so important for the long term.”
Tenants are looking for rental property with better EPCS, as this will lower their energy bills. As a landlord, you will enjoy short and long-term benefits in upgrading your rental property. We appreciate the costs of doing so can seem prohibitive, but if you are looking to discuss this work, we are always happy to help.
If you are interested in our lettings or property management services or you are looking to buy, sell, let or rent property in or around Willesden Green, Neasden, Dollis Hill or in North West London, call us on 020 8459 2530 and a member of our estate and letting agent team will be happy to help you.