Just under half of landlords say they intend to make energy efficiency improvements to properties as part of the government's Green Homes Grant scheme.
In a survey carried out on behalf of Paragon Bank, 45 per cent of landlords said they will take up the offer of up to £5,000 covering two-thirds of the cost of insulation or upgrades to glazing or heating.
However, landlords still to apply shouldn’t hang around.
With so many landlords planning on taking advantage of the scheme and only 650,000 vouchers available for both owner-occupiers and landlords, demand is set to be high. In addition, vouchers must be redeemed and improvements completed by March 31 next year.
Work must be carried out by a Trustmark-registered installer who is also registered with the scheme. This is leading to concerns around the availability of the limited number of installers eligible to complete the work.
“It’s fantastic to see that such large numbers of landlords are planning on making their properties more energy efficient. Doing this, with the help of government subsidy, benefits the landlords themselves, their tenants and the environment, so it’s a sensible move” explains Richard Rowntree, Paragon’s mortgages managing director.
“This does mean demand is likely to be high so I would urge landlords to act now to avoid missing out. The private rented sector has played a key part in improving the sustainability of housing in the UK. Between 2008 and 2018, the average energy efficiency rating of privately rented dwellings increased more than any other tenure” he continues
Since April 2018, landlords have been required to achieve a minimum rating of E on the Energy Performance Certificate for their rental property for new tenancies or tenancy renewals.
This was extended in April this year to cover existing tenancies, meaning all rented properties will need to have an EPC rating of E, even where there has been no change in tenancy.
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