"Kicking the can down the road may mean that, with a national skilled worker shortage, landlords risk not getting the work done in time, They may face significant fines as a consequence"
- Rob Stanton - Landbay
Over half of landlords with properties rated below Energy Performance Certificate C rating are putting off work to bring their properties up to scratch, a new survey has found.
All rental properties must have an EPC rating of at least a C by 2030 to meet the Government’s deadline or risk substantial fines.
However, buy-to-let lender Landbay’s survey found that 58% of landlords with properties currently rated below a C will wait until nearer 2030 to do the work, with only 18% saying they would do upgrades as soon as possible. Six per cent won’t make any changes at all even though they intend to continue renting.
Landbay’s survey revealed that just over a third of landlords, 35%, said their properties fell below C, with half being above C.
A landlord told Landbay: “I think the EPC ratings are somewhat unrealistic for most given that the council themselves also have properties in need of upgrades.”
The survey also showed that those landlords who had between 11 and 20 properties had the most properties rated between D and G at 36%. These were followed by landlords who had between four to 10 properties, at 27%.
Surprisingly, just over 5% of landlords didn’t know what their EPC rating was.
“It’s encouraging that half of our landlords have properties at C rating or above. But those landlords who don’t, and who are putting off upgrading their properties, need to be careful," warned Rob Stanton, sales and distribution director at Landbay.
"Kicking the can down the road may mean that, with a national skilled worker shortage, landlords risk not getting the work done in time, They may face significant fines as a consequence," he added.
Rob concluded, “As a buy-to-let lender we are here to help should landlords need extra financing for upgrade work. Demand for decent rental properties already continues to outstrip supply, with many tenants ready and willing to rent across the country. We remain committed to doing our bit to help, innovating to meet the needs of landlords.”
