Landlords breathe a sigh of relief as the Energy Efficiency requirements deadline is dropped.
Landlords were expecting bills of around £10K per property to meet the new energy efficiency ratings of C by 2025. The proposed targets would have meant that all new rental properties had to be compliant by 2025 and existing properties by 2028.
Many landlords had planned this into their maintenance programmes as the consultation on the proposals was published three years ago. However, those that didn’t meet the minimum requirements of a C rating could have been fined up to £30,000 per property.
With the government dropping this deadline last week, it will give landlords extra time to deal with other new legislations and costs, such as increasing mortgages. Landlords have also seen additional tax changes and were leaving the market, causing further demand on the number of properties available for rental.
Government schemes are available for cheaper insulation for homeowners, landlords and tenants, and The Local Authority Delivery Scheme, which offers £5,000 grants to landlords for energy improvements. However, although the government has announced this, we have been unable to find an updated online link at present.
The question remains: if a Labour government comes in next year, will they do a complete U-turn?