Is Your Tenanted Property Energy Efficient?
It is estimated that over 400,000 properties that are rented out by landlords in the UK have an Energy Performance Certificate rating of less than an E rating. Well, the government now appears to be going to do something about this as it is believed a lot of people living in rented properties would pay a lot less in energy bills if these homes were better insulated.
If legislation in relation to the above is passed by Parliament then those landlords with properties rented out which have an energy rating of below E will need to add more insulation to the property to improve the rating to at least E. This would need to be done by 1st April 2018. This would reduce carbon emissions and go some way towards helping the UK meet its carbon emission reduction targets by 2020.
Surely, by improving the insulation to properties that are rented out that need the extra insulation is an indication that landlords are keen to make their properties as comfortable as possible for their tenants. Yes, in the short term, there is no doubt going to be capital expenditure involved such as to buy loft or wall insulation but, in the long run, it should prove beneficial as tenants will quickly find out which landlords are caring and interested in the welfare of the occupants of their investment properties.
So, what would happen to any landlords that choose to ignore the proposed new regulation? Well, quite simply, they would be unable to let out those properties that do not have a minimum of an E rating.
It will be interesting to see how many landlords start improving the insulation in their rental properties sooner rather than later. As with most things in life, there will be those people that decide to take action quickly and those people that lag behind.