Over half of landlords with properties rated below Energy Performance Certificate (EPC) C rating are putting off work to bring their properties up to scratch, research from Landbay reveals.
A small number of landlords with properties rated below C are not planning to make any changes at all, even though they will continue to rent.
All rental properties must have an EPC rating of at least a C by 2030 to meet the Government’s deadline, or risk substantial fines.
But buy-to-let lender Landbay’s survey found that nearly six out of 10 (58%) landlords with properties currently rated below a C will wait until nearer 2030 to do the work, with just a fifth (18%) saying they would do upgrades as soon as possible. Some 6% won’t make any changes at all even though they intend to continue renting.
EPC RATINGS
Landbay’s survey revealed that just over a third of landlords (35%) said their properties fell below C, with half being above C.
One landlord told Landbay: “I think the EPC ratings are somewhat unrealistic for most given that the council themselves also have properties in need of upgrades.”
The survey also showed that those landlords who had between 11 to 20 properties had the most properties rated between D to G at 36%. These were followed by landlords who had between four to 10 properties, at 27%.
Surprisingly, just over 5% of landlords didn’t know what their EPC rating was.
LANDLORDS NEED TO BE CAREFUL
Rob Stanton (main picture), sales and distribution director at Landbay, said: “It’s encouraging that half of our landlords have properties at C rating or above. But those landlords who don’t, and who are putting off upgrading their properties, need to be careful.
“Kicking the can down the road may mean that, with a national skilled worker shortage, landlords risk not getting the work done in time, They may face significant fines as a consequence.
“As a buy-to-let lender we are here to help should landlords need extra financing for upgrade work. Demand for decent rental properties already continues to outstrip supply, with many tenants ready and willing to rent across the country. We remain committed to doing our bit to help, innovating to meet the needs of landlords.”
