Will you? Two thirds of landlords to sell up if forced to upgrade EPCs

admin    Uncategorized     agents

Two-thirds of private landlords might sell up if they are forced to make EPC upgrades, new research finds.

The Mortgage Advice Bureau says 59% would consider selling their property due to not being able to afford the changes needed to meet the minimum level.

With an expected deadline of 2028 for landlords to retrofit their properties to a minimum of an EPC C rating, a lack of clarity regarding available help has left many anxious about how they will afford these changes.

The company’s survey of 500 landlords found that 25% said it was likely they wouldn’t be able to afford the changes, while 34% said it was quite likely they would sell their property instead of upgrading it.

Meanwhile, 30% plan to pass on the potential upgrade bill to tenants, and the same number reported that they had already passed on bills for other upgrades.

Of those landlords who are planning green updates, 26% want to install a smart meter to help hit a grade C, 25% would install LED lighting, 22% would consider installing a new modern boiler, and 20% would consider installing more insulation.

Mortgage Advice Bureau says there has been little in the way of policies, announcements, or clarity from the government, leaving landlords confused about what upgrades will help.

Deputy CEO Ben Thompson (pictured) adds: “Even if – as rumoured recently – the government delay the proposed deadline to 2028 for all rental properties, it isn’t long to find the money needed for the upgrades.

“This is especially challenging when considering the recent economic climate, which has seen mortgage rates increase and the cost of everyday items go up and up. There clearly needs to be more advice, guidance, and help for landlords.”

Read more: Claiming EPCs will cost £1000s to upgrade from D to C ‘inaccurate’ says expert

View Full Article: Will you? Two thirds of landlords to sell up if forced to upgrade EPCs

If you enjoyed this article please consider sharing it!