Are you a landlord? If so have you checked the energy rating on your EPC recently? How does it score?
Government targets state that by the end of 2025 new lets will require an Energy Performance Certificate (EPC) rating of band C or above. It won’t be long after that existing lets will need to comply too.
Mortgage lenders have new requirements too. They must ensure that the average performance of their domestic portfolios is at least EPC band C, by 31 Dec 2030. It will soon become more difficult to re-finance a buy to let with a poor rating.
Currently, just over half (51%) of all rental properties let out over the last 12 months had an EPC of band C or above – this is virtually unchanged on the previous 12 months.
The good news is that Landlords will not be expected to pay more than £3,500 +VAT on energy efficiency improvements. Given that we have lots of older houses in Lancaster and Morecambe, this will be a relief to many, however, it is not a get out of jail free card! Improvements will still need to be made and documented!
If you’d like to talk about property legalisation and what is happening in the Lancaster and Morecambe housing market, please get in touch. At JDG we are here to help.
Thanks for reading
Josh