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By Bay Estate Agents
In what may be relief for some landlords, Prime Minister, Rishi Sunak, has announced the government will be scrapping EPC targets for homes.
The government had previously announced a requirement for landlords to upgrade their properties to EPC Band C by 2025 for new tenancies and by 2028 for all tenancies.
At least in the short term, this removes the obligation of potentially having to invest up to £10,000 in property upgrades to reach Band C and there will not now be penalties for those who fail to reach those standards. Landlords and households will still be encouraged to pursue energy efficiency improvements voluntarily, but it won't be compulsory.
This is likely to be welcome news for those landlords who have been considering exiting the market due to increasing expenditure and legislative burden – in turn causing a shortage of rental accommodation and contributing to rising rents.
As the government walked back some of their green policies, it was also announced that households will also be granted additional time to transition to heat pumps or other low-carbon alternatives. Until recently, the deadline had been 2030 but now the government anticipates the phasing out of only 80% of gas boilers by 2035.
"We will never force anyone to rip out their existing boiler and replace it with a heat pump. You’ll only ever have to make the switch when you’re replacing your boiler anyway – and even then, not until 2035." – Rishi Sunak.
Whether this is a sensible decision in the country’s progress to Net Zero by 2050 remains to be seen.
At Bay Estate & Letting Agents, we really know the Swansea property market. We're local and we'll gladly share our knowhow and experience with honest advice that will be just right for you. So, whether you're buying, selling or letting in Swansea, get in touch. We're here to help.