A recent survey conducted by Finbri has found that almost half of landlords (48.05%) plan to complete energy performance certificate (EPC) improvement-related works within the next 12 months.
This move comes in response to new government regulations and increasing concerns among renters about rising energy costs.
Finbri surveyed 1,001 UK renters, discovering that a combined 79.92% are either Strongly Concerned (46.65%) or Concerned (33.27%) about their gas and electric bills.
In a parallel survey of 1,001 landlords, 24.08% were uncertain about completing EPC improvement-related works on their properties, while 27.87% currently have no plans to do so.
The heightened focus on EPC ratings stems from Government policy changes and the increasing prominence of energy prices as a challenge faced by renters.
As a result, there is growing pressure on landlords to make energy improvements to their properties.
Stephen Clark, from property bridging finance broker Finbri, said: “Landlords are being motivated to ensure their properties meet the new energy performance requirements with both a carrot and a stick.
“The carrot – landlords that have better energy-performing properties are likely to experience increased demand by would-be tenants; the stick – the possibility of a hefty fine for non-compliance with the new EPC standard.”
However, Clark also notes that landlords might offset the cost of property improvements by raising rents, potentially leaving tenants in a similar financial position despite lower energy bills.
