A staggering 80% of landlords have already carried out some work on their properties to meet EPC requirements, according to research by BVA BDRC.
The Q1 2023 BVA BDRC Landlord Panel research report, completed on behalf of Foundation Home Loans, interviewed 683 landlords online and found they were increasingly engaging with EPC works.
Of those already started, 52% had carried out works at the minimum cost required to comply with regulations, while 38% had done so to maximise the long-term property value.
Some 13% were not willing to renovate their properties and wanted to sell them or not re-let, down from 20% last quarter.
The research revealed that 19% of landlords had one or more properties in their stock at an EPC rating of E or below, 78% saying all their ownerships were above an E, while 3% didn’t know the rating on their properties.
The survey also looked at how landlords would pay for the work on their properties, with 76% reporting they would use savings, up from 62% last quarter; 26% looking to increase rents, down from 30% last quarter; 10% aim to get a mortgage, up from 8%; 19% would use government funding; and 10% would take out a loan — both the same figures as last quarter.
George Gee, commercial managing director at Foundation Home Loans, said: “These latest survey results around EPC levels, landlord understanding and action, show a clear intention by the vast majority to ready their properties for future measures and government legislation, and a positive intent, particularly when it comes to staying invested and not selling up if the property is not currently at the required level.
“Awareness and understanding of the EPC requirements is on the up, and I suspect this has much to do with the concerted information campaign our industry has been involved with, drawing attention to this issue and what landlords may have to do for those properties that do not currently make the EPC grade.”
