More than half of landlords with properties rated EPC D or below are considering selling because of stringent energy efficiency rules on their way.
New research from The Mortgage Works reveals that 52 per cent of impacted landlords have thought about selling some or all their properties because they don’t think they’ll be able to either complete or finance work to reach the required standard.
Current legislation in England and Wales requires buy to let properties to have at least an EPC rating of E. However, to improve the energy efficiency, the government wants to increase the requirement to a C for all new tenancies by 2025 and for all existing tenancies by 2028.
Residential properties account for around 20 per cent of all UK carbon emissions.
As a result, the TMW poll of more than 600 landlords highlights that those with larger portfolios are more likely to have considered selling some or all properties, with 58 per cent of those with between six and 10 properties admitting they have done so, rising to nearly two thirds of those with 20 or more rental properties.
Landlords with just a few properties are least likely to have done so – a third with just one property saying they have considered selling.
More than a third of landlords with just one property say it is rated between EPC D and G, meaning they will need to undertake retrofitting work to hit the required standard.
However, more than a half say they their property already meets the proposed energy-efficiency requirements.
Those with four or five properties say they have an average of around two properties that need work. This increases to four homes for those with 6-10 properties, seven for those with 11-19 properties and 12 for those who have 20 or more properties.
When asked what improvements needed to be made to improve the property, a third of landlords were in the dark.
For those that did know, 37 per cent said they needed to fit traditional insulation, while a quarter need to upgrade the boiler, with a similar number saying work involved upgrading existing utilities
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