The government has launched a consultation on how best to improve the energy efficiency of PRS properties in England and Wales. This follows on from their pledge to upgrade as many privately rented homes as possible to an EPC rating of ‘C’ within the next 10 years.
The benefits this is intended to deliver include:
- Making homes more comfortable and reducing energy bills for tenants
- Helping protect and possibly improve the capital value of properties for landlords
- Contributing to the UK’s efforts to reach a net zero carbon emission position.
The measures put forward in the consultation adhere to the same basic assurances for landlords as previously: that improvements will only be required where practical, cost-effective and affordable.
So, if you’re thinking of buying and/or renovating a buy to let in the near future, we’d suggest you aim for at least a ‘C’ energy efficiency rating. It’ll make the property more attractive to tenants right away and save you having to instruct potentially disruptive works in the future. And if tenants are saving money on utility bills, it means they have more to spend on rent!
If you already know you will need to have additional insulation or double glazing installed to improve your property’s rating, it’s worth making enquiries now, as you might be able to get a better price than if you wait until it becomes law.
You can read the full consultation and respond online via the GOV.UK website.