With the deadline looming, the latest data from Spring’s MoveSmart platform highlights the areas where energy performance certificate ratings are at their lowest.
According to the data, rented-out homes in Cleethorpes (Lincolnshire), Barrow-in-Furness (Cumbria), Westcliff-on-Sea (Essex), Grimsby (Lincolnshire) and Accrington (Lancashire) have the worst ratings in the UK. Of the 683 landlord-owned homes in Cleethorpes, 80% have a D-G rating; while in Barrow-in-Furness 1,067 (79%) rented properties have lower ratings. 72% of Westcliff-on-Sea and Grimsby rental homes have D-G ratings, while Accrington stands at 71%, meaning costly work for landlords to bring their homes up to the required standards.
Research from Habito suggests costs of up to £6,000 to upgrade a one-bedroom property from rating D-C, rising significantly for larger homes. So, for landlords who may not have funds to spend money to bring their homes up to spec, offloading their properties to Spring may be a quicker route to sell. For landlords looking to move, Spring can offer up to 93% of the properties' value, with completion offered in as little as a few weeks. Much shorter, than the UK’s average completion time that Zoopla recently recorded as taking up to five and a half months on average.
Using the MoveSmart search tool, comparing all areas across the UK, home sellers, buyers and renters can find out property affordability information from EPC ratings to average bill costs for lighting, heating and hot water. Movers can also find out completion times and average sale prices.
The data for this research includes areas where there are 500 or more landlord-owned properties and pulls together information from Government sources including the Land Registry and from statistical technology firm, Propalt into one place. Landlord-owned properties include private landlords as well as those also owned by government authorities and Housing Associations.
Cormac Henderson, CEO of Spring, comments: “A staggering amount of homes in the UK are not up to scratch in terms of energy performance, not only making them expensive to run but having a significant negative impact on the environment at a time when the climate crisis is front and centre of the global agenda. There appears to be a trend with a higher proportion of properties in the north having poorer energy efficiency.”
“With many landlords already facing rising costs, many of which are passed onto tenants, they will have a decision to make as to whether the cost of upgrading their properties is worth it or consider exiting the market as many have suggested.”
