17% of UK rental properties will be unfit by 2018Posted 22 February 2017
17% of properties on the private rental market could become unrentable by 2018, when the Government plans for new legislation are introduced in April 2018.
New research from Urban.co.uk suggests that the Energy Efficiency Regulations passed in 2015 could lead to a number of properties being unfit. This is a concern given the existing supply/demand imbalance.
The 2015 Energy Efficiency Regulations set out minimum energy efficiency standards for England and Wales. The legislation makes it unlawful for landlords to offer a new tenancy agreement on properties with an Energy Performance Certificate (EPC) rating below E from the 1st April.
Urban’s Landlord Knowledge Survey Report questioned around 4,000 UK landlords on a number of issues relating to the UK market. It suggests that many current private landlords are unaware that a large chunk of homes available in the rental market are currently below the minimum energy efficiency standards proposed.
Adam Male, co-founder of Urban.co.uk, said: ‘One reason to explain the lack of industry knowledge could be due to the recent influx in new regulations, which have flooded the rental market. With landlords facing more changes than ever over the past couple of years, it is no surprise that many find it tricky to keep up-unfortunately that’s no defence should it all go disastrously wrong.’
Paul Burnett, Managing Director of Asset+ said: ‘Those organisations that are concerned about this upcoming legislation should contact us. Our unique approach to energy performance can remove this legislative headache at potentially zero cost. We have been working with a number of businesses to reduce their energy consumption, where we are guaranteeing the savings whilst also financing the works and using a portion of the savings to offset the capital costs. This then removes them from the MEES legislation whilst also increasing the yield of their property without any financial burden.’
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