As many as 15 million homes in England and Wales could need energy efficiency improvements to meet the proposed target of an EPC ‘C’ rating by 2035, according to new data. With around 25 million properties in England and Wales, this means 60 per cent of the total housing stock might require work to be carried out. The data from the Halifax Building Society is based upon the properties it has mortgaged.
What is an EPC?
An EPC or energy performance rating is a rating scheme which bands properties between A and G depending upon the property’s energy efficiency with an A rating being the most efficient and G the least efficient. This is especially important at this point in time as we fully expect energy costs to rise substantially this year and over the next few years as the global economy adjusts in the wake of the COVID pandemic so there’s never been a better time to make improvements to your home or housing stock if you are a landlord as rising energy costs filter through to all aspects of the economy in enough time pushing up the costs of insulating materials and home improvements.
In line with the government’s ambition to reach net zero carbon emissions by 2050, Parliament is considering introducing EPC regulations that could effectively force millions of homeowners to make improvements to their properties. The end result, we suspect, is that properties could be harder to sell, rent or may even lose value without the required improvements being made.
Just one in ten homes built before the 1930s has an EPC rating of C or more, according to Halifax’s analysis so it’s unlikely that your home or your property portfolio is at its most energy efficient which is why you should contact us for an energy assessment. One of our assessors will visit your property, conduct an assessment and make a list of recommendations that will help you make your property more energy efficient making it more attractive to potential buyers or renters.