An estimated 2.9 million properties need to be improved under the government’s proposal for rental homes to reach a minimum EPC rating of C by 2030, costing £23.4 billion, an average of £8,074 per property.
The new analysis, revealed in Rightmove’s third Greener Homes Report, also found that half (50%) of landlords say they are concerned about potential financial penalties if rental properties fail to meet EPC C standards by 2030
A green wealth divide has emerged – analysing EPCs created over the past year found 50% of £1 million plus properties had significantly improved their rating since their previous EPC, compared with only 32% of properties worth under £400,000
Meanwhile the majority of people would be willing to change how and when they use energy if it meant they could access cheaper energy rates at different times of the day.
Ahead of the Autumn Budget, Rightmove is asking the government to consider support for landlords which in turn will benefit tenants, and more mass market help for home-owners of lower value homes
Tim Bannister, Rightmove’s Director of Property Science, says: “It’s clear from our analysis that more needs to be done to help the mass market transition to greener homes, especially those living in homes worth under £400,000.
“In the rental market, through discussions with agents and our research, we know landlords want to provide comfortable, energy-efficient homes, but green upgrades can be costly. For landlords of lower-value properties, the financial returns may not always justify the investment.
“Now that the government has confirmed there will be a consultation on raising the minimum energy efficiency standards in rental homes, we look forward to seeing much needed clarity, and ideally support, for landlords, which in turn should benefit tenants over the medium to long term.”
