Many landlords and tenants are not aware of the EPC rating on their homes and with new legislation starting in April, this could result in a large number of fines being handed out to landlords.
From 1 April, new lets and relets with an energy performance certificate (EPC) rating of ‘F’ or ’G’ cannot be rented out, and existing tenancies have until 1 April 2020 to upgrade their EPCs. Any landlord letting a property that fails to meet the standard required could face a penalty of up to £4,000.
The research, commissioned by insurance agency Just Landlords, was conducted with those involved in the UK private rental market.
It found that almost three-quarters (73%) of landlords and tenants are not aware of their property’s EPC rating. Two-thirds (65%) aren’t aware that improving their rating could save them money and 95% have not measured their EPC rating.
Nearly half (48%) of those asked did not know that upgrading their insulation would improve their EPC rating. Four out of five (80%) didn’t know an EPC rating could be an indication of how environmentally friendly a house is and 30% did not know that an upgraded boiler would improve their rating.
But 58% did know that the condition of windows had an effect on a property’s EPC rating.
Rose Jinks, on behalf of Just Landlords, said: “It’s not only essential that landlords understand all new legislation in order to avoid hefty fines, but also that their properties are safe and comfortable for their tenants. This law is designed to improve the energy efficiency of rental properties, which could vastly reduce bills for tenants.
“In addition, landlords will be pleased to know that an energy efficient property will be more appealing to prospective tenants when it comes to marketing the property, so it’s a win-win.”
Source: Mortgage Finance Gazette