To EPC or not to EPC, that is the question... Landlords no longer required to meet EPC Rating C ✅
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
Big news from the Government regarding EPCs for rented property, as Prime Minister Rishi Sunak announces that the much debated EPC Rating C by 2025 has been abolished.
Yes, you're reading this correctly... Landlords are no longer required to meet EPC Rating C for the foreseeable future
Whilst this will be welcome news for most, it will also come as frustrating for many, especially to those Landlords who have already invested in costly improvements to meet the standards that would have been required.
From a Tenant's perspective the news is positive too... Spiraling costs for Landlords have already led to significant rental increases across the UK - yes, Rating C would save money on Tenant utility bills but Tenants would see that saving dwarfed in the rent increases that would be inevitable.
Rents would go even higher than they are currently because of:
a) The costs that would have had to be met by the Landlord in order to achieve Rating C
b) A shortage of rental supply due to Landlords selling up knowing they wouldn't be able to afford the improvements required
So what exactly does all this mean😕
Here is a summary of the proposals that have been scrapped:
❌ The minimum EPC rating was set to be raised from E to C
❌ The cost cap increased from £3,500 to £10,000 per property
❌ Fines for non-compliance of EPC rating of C or above = £30,000
❌ Improvements are simply not possible in many older properties
✅ For now, Landlords can breathe a sigh of relief
✅ Less stress on Tenants as expensive upgrades would have likely been passed on to them in higher rents to compensate for the costs, inevitably causing more financial strain
✅ Less stress as financial pressures take their toll amid the rises in interest rates and rising taxes on the property industry
✅ For now the Government will no longer mandate improvements – they will incentivise them
✅ The boiler upgrade scheme has been increased by 50% to £7,500 to replace gas boilers with a heat pump with no strings attached – this doesn’t need to be repaid
✅ Any future targets must be fully backed by legislation that encourages people rather than penalising them
📩 You read the full article from Propertymark here 📩
If you would like to discuss EPC legislation for your property, email compliance expert Scott and he'll be able to run you through everything (scott.sneath@cavendishproperty.co.uk).
📷 Scott Sneath, Director of Compliance and Finance at Cavendish Residential 📷
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