New EPC regulation?
What are the pros and cons of the new EPC regulation 2028
This year in 2023, London had a cool summer with many chilly days, but we hope you enjoyed a late summer with warmer days in early September. With winter approaching in London, we would like to provide you with some important information on property.
If you are looking for a property now, in the future or already live in the UK, the EPC (Energy Performance Certificate) is one of the key indicators for choosing a property.
The changes to the regulations have now been decided.
What is an EPC?
An Energy Performance Certificate (EPC) provides detailed information on the energy efficiency and carbon emissions of a property.
Since October 2008, EPCs have been required for rental properties in England and Wales.
MEES (Minimum Energy Efficiency Standards):
Minimum Energy Efficiency Standards (MEES = Minimum Energy Efficiency Standards) means that from 1 April 2018, all properties let or sold in England and Wales must have an EPC rating of 'E' or above at the lowest level.
New EPC regulations:
If a property is to be let in 2025, it must have an EPC rating of 'C' or above
For dwellings under contract before 2025, the rating must be raised to C by 2028
All properties must be rated C or above by 2028
*Various improvements are needed to increase the EPC rate
Penalties for not obtaining an EPC:
Without a valid EPC, a property cannot legally be rented out; landlords can be fined up to £5,000 by the local authority if they are found to be without an EPC.
When the regulations are updated, the fine for not having a valid EPC ('C' or above) will increase to £30,000 from 2028.
The significant regulatory changes have been introduced as part of the Government's goal to improve the energy efficiency of homes and reduce carbon emissions to zero by 2050. It is expected that more landlords will be refurbishing/renovating their properties to increase EPC rates in order to comply with the Regulations. There is a possibility that once the property is back in hand to be worked on, existing contracts may be terminated. One measure to take in the future, when moving into a new assignment or moving out of your home, is to prioritise homes that already have an EPC rate of C or above, wherever possible.
Also, as utility bills continue to rise in London, these regulatory changes are likely to make the policy better for the environment and more wallet-friendly for tenants and their families.
Prime Minister Sunak has scrapped proposed energy efficiency targets for households, including rental properties.
If you have any questions, please contact Kens Estate.
Enquiry Kens Estate: firstname.lastname@example.org