Landlords are being reminded that by April 1st 2018 they will need to make sure their rental properties achieve at least an EPC rating of 'E' if they are to let them for new tenancies.
Landlords only have until 1st April to make sure their rental properties achieve an EPC rating of between A to E if they let them out for renewals or new tenancies.
The new minimum energy efficiency standards (MEES), which apply to both domestic and non-domestic properties, are designed to deal with the least energy efficient properties in the rental sector.
The new standards will benefit both landlords and tenants, as a more energy efficient property will be cheaper to run, which boosts its appeal for tenants, cheaper to maintain, and easier to sell.
ARLA Propertymark Chief Executive, David Cox, said: "the number of properties which are EPC rated F or G has fallen from around 700,000 in 2012, to 300,000 today. However, there are still a lot which don’t meet the standards."
Landlords are being warned that they face hefty fines if they continue to let out their properties as part of tenancy renewals and new tenancies if their properties don't meet the required new standards.
According to the ARLA, there is a shortage of rental supply in relation to demand, which could lead to higher rents for tenants, especially in London where demand remains strong. To help ease the 'supply crisis', landlords are being urged to make sure their properties can continue to be let out once the new energy efficiency standards come into force.
With the deadline looming, landlords don't have long to make sure their properties are as energy efficient as possible. More details on the new energy efficiency standards for domestic properties can be found here
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