If you are a landlord, you will probably already know about the Minimum Energy Efficiency Standard (MEES) Regulations which set a minimum energy efficiency level for domestic private rented properties.
Since 1 April 2020, landlords can no longer let or continue to let properties covered by the MEES Regulations if they have an Energy Performance Certificate (EPC) rating below E, unless they have a valid exemption in place.
If you are currently planning to let a property with an EPC rating of F or G, you need to improve the property’s rating to E, or register an exemption, before you enter into a new tenancy.
With many landlords having already made significant improvements to their properties since the MEES announcement in 2018, anger has mounted this week as The Climate Change Committee, which is advising the UK government on how to achieve its net zero carbon emissions target by 2050, has recommended that ALL homes should have an Energy Performance Certificate rating of C from 2028.
This would mean that not only landlords but any homeowners with a property which has an EPC rating lower than C (an estimated 19 million according to CCC figures), would need to make improvements to their properties in order to meet these minimum standards.
In order to improve a property’s EPC rating, an owner will need to make improvements such as upgrading to double or triple glazed windows, installing adequate loft, underfloor or cavity wall insulation, draught proofing and hot water tank insulation. Of course, all of these improvements come at a considerable cost to homeowners.
The issue is that there are many many houses across the UK which not only lack thermal efficiency but are priced at the lower end of the market and therefore significant outlay would be cost prohibitive to the value of the house.
Unfortunately, if the Government goes ahead with these plans, owners of energy inefficient homes may find themselves the proprietors of unsellable and unlettable properties just over seven years from now.
What’s more, it has been suggested that the Government will bring these plans forward for rental properties to 2025, meaning landlords will have just four years to make such improvements or risk being unable to let their property. It is thought that more than two thirds of rental properties have an EPC rating below C, meaning all of these properties would require work in order to meet such targets.
We know this is becoming an increasing concern for some landlords and homeowners who would prefer to sell their property now and purchase something more energy efficient than carry out the extensive works themselves.
If you have a property which has very low energy efficiency and you are considering selling, WeBuyProperty will be happy to have an informal chat about your options and offer you a no-obligation quote for a quick sale.
Phone number: 0207 449 9797