Labour's new EPC Rating C target by 2030 could cost Landlords £8,000 per property 🍃
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Labour has confirmed that Landlords must ensure their rental properties achieve an Energy Performance Certificate (EPC) rating of at least 'C' by 2030 🎯
🔹 This new requirement aims to improve energy efficiency and reduce fuel poverty for over three million people
🔹 The previous Conservative government had similar plans, but they were scrapped in 2023
🔹 Read up on the technical aspect and detail surrounding the proposals here - really useful article from Energy Performance Solutions
🔑 Rightmove article key points:
🔸 Pathway to a greener home can be complex, with cost remaining the biggest barrier
🔸 2.9 million rental homes need to be upgraded if they’re to reach C rating
🔸 At least 18 million homes – over half of all housing stock – need improvements to reach an EPC rating of C, costing over £196.7 billion, around £10,907 per household
🔸 50% of properties valued over £1 million have significantly improved their rating since their last EPC, compared to only 32% of properties valued under £400,000
🔸 In the rental market, an estimated 2.9 million properties need to be improved to reach an EPC C rating, which would cost £23.4 billion
For a Landlord, this works out to £8,074 per property 💰
🔸 50% of Landlords are concerned about fines if the are unable to meet targets
🔸 Leading to more Landlords selling up
🔸 Inevitably, these costs will lead to higher asking rents
🔸 Labour’s Warmer Homes Plan pledges £6.6 billion in funding towards upgrading homes ranked below a C.
🔸 This is nowhere near the £23.4 billion estimate needed for upgrading existing rental homes
🔹 Rightmove highlights measures in this year’s report that would help towards meeting targets:
🔹 Grants or low-interest loans for properties under £400,000
🔹 Research shows these properties to be least likely to have had green upgrades
🔹 Allow Landlords to off-set costs in the year incurred, rather than against capital gains tax when the property is sold
🔹 Introducing Stamp Duty rebates if a new buyer makes green improvements in the first few years of purchase
📩 You can read more about the challenges and progress made towards going greener in Rightmove's full report, as well as insights from our in-house and industry experts 📩
For the full article from Rightmove, click here:
Are you a Landlord with a D Rating EPC or lower? Contact Gary (gary.pringle@cavendishproperty.co.uk or complete form opposite) for the best advice and options on how to achieve your C Rating ✅
📸 Left to right: Emma, Rosie, Lisa and Gary at Cavendish Residential 📸
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