Let’s talk Energy Performance Certificates, or EPC as it’s commonly known. If you have sold your home in the last 9 years, or are a landlord, you will be familiar with this report. An EPC is a record of your home’s energy efficiency rating, and assessed on a scale of A to G – A being the most efficient. The report also provides recommendations on improvements that could be made, such as replacing the boiler or insulation.
Across the UK and here in Wales, renting is on the rise. In fact, the number of households renting in 2014 was 5.4 million, according to research undertaken by the Royal Institute of Chartered Surveyors (RICS), who also expect it to rise by a further 1.8 million before 2025. With this in mind, it is essential that your property to let doesn’t become ‘un-rentable’ in 2018.
At Hathways we always want to ensure our landlords are informed of any changes that could have an impact on their business. Which is why we would like to make you aware of proposed new legislation that is due to come into force on April 1st 2018. The proposed legislation will make it illegal to rent out a property with an energy efficiency rating lower than an E.
The properties we offer to let on behalf of our landlords vary, from new builds such as Blaen Bran Close in Cwmbran, to beautiful cottages situated in the heart of Caerleon Village. Older properties tend to be more susceptible to poor energy ratings, as what makes them enticing, all those period features, can also be a hindrance. If you are thinking of extending your rental portfolio, it may be worth keeping efficiency in mind.
Thankfully, the number of landlords needing to upgrade their energy efficiency rating is relatively small, around 7.9% according to statistics from the Residential Landlords Association (RLA).
If you are currently renovating a property with a view to letting it out in the future, remember, when it comes to energy efficiency – E is the magic number!