New EPC regulations are less than a month away but a survey has revealed that many landlords and tenants aren't aware of the upcoming changes.
Minimum Energy Efficiency StandardsFrom 1st April 2018 all rental properties will be required to have a minimum Energy Performance Certificate (EPC) rating of E. This means landlords will no longer be able to rent out a property with an EPC rating of F or G.
However, research from landlord insurance specialists Just Landlords has revealed that not everyone is aware of the new Minimum Energy Efficiency Standards legislation:
- Only 4% of those surveyed are aware of the new legislation
- Less than three in ten Brits know their property's energy efficiency rating
- Only 5% have taken any steps to measure their energy efficiency
Fines for failing to complyThe regulations will be enforced by local authorities and landlords could face hefty fines if found letting a property with an Energy Performance Certificate (EPC) rating below E. Worryingly, of those surveyed, only 24% knew they could face a penalty of up to £4,000. Not having a valid EPC could also result in a fine of £200.
Rose Jinks, on behalf of Just Landlords, said: "The lack of awareness around this key legislation is astounding. Landlords and tenants need to know what their EPC rating is, as it could not only help them avoid a fine, but also could save them large sums of money."
Property improvementsLatest figures from the Office of National Statistics show that last year 64,092 properties received EPC ratings below an E grade. This suggests that there is still a large number of Landlords needing to make changes to their properties.
As long as the minimum E rating is achieved it is up to the landlord to choose which work to carry out on the property.
When asked what changes they could make to ensure their property improved its EPC, only just over half (52%) of landlords knew that improving the insulation of the home could have a large impact.
Property improvements that comply with Minimum Energy Efficiency Standards include:
- Thermostat boilers
- Cavity wall insulation
- Replacement thermostats
- Solid wall insulation
- Underfloor heating
- Loft insulation
- Pipe insulation
- Roof insulation
- Replacement glazing
- Draught proofing
If you are a landlord and worried about how the new regulations could affect you, talk to your local Parkers lettings experts today.