Published: 25/09/2023 By Rachael JamesIn a speech last week, Prime Minister, Rishi Sunak, announced plans to scrap several key green policies that were part of his key Net Zero pledges. One of those policies was the proposed energy efficiency targets for households, including rental properties, which could cost landlords thousands of pounds.
Due to take effect in 2025, the regulations required all properties with new tenancies to have an EPC rating of C or above. From 2028, all rental properties would need to have this level of EPC.
Explaining his decision, Sunak suggested that the huge costs of upgrading homes to meet the requirements would most likely have been passed on to tenants via increased rents. The looming EPC changes are now to be scrapped, with the Government instead offering more grants to landlords and homeowners to improve efficiency in their properties.
Rachael James, Partner, and Head of Lettings at Symonds & Sampson comments “We are pleased to hear that the Prime Minister has recognised that the proposed changes to EPC regulations are not financially viable for Landlords who, during a cost-of-living crisis, are themselves also struggling financially. EPC regulations have been a hot topic at our recent landlord's seminars. Landlords of older or listed properties have had grave concerns as to how they would be able to achieve the required C rating. Many felt that they may have no choice but to sell their property, further unbalancing an already short supply of property.
With the sales market easing and the demand for rental properties continuing to be high, we are starting to see some tempting opportunities for buy-to-let landlords, please do contact Rachael or your nearest letting office to discuss your search. Meanwhile, if you are considering letting your property or looking for a new home, please contact our dedicated letting agents in your nearest office. Find their details, search for property and learn about the extensive range of letting and management services Symonds & Sampson offer here.
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