Landlords who are hoping to increase their property’s energy efficiency rating are inclined to invest in many things but the most widely chosen option is installing new boilers. According to installers like Crofts, this is done because the landlords wanted to make sure that they are following as per the latest standards indicated by governing bodies.
Paragon, the firm responsible for the new data, shared that almost all landlords are notified of the new minimum level set for the energy efficiency standards. This was implemented on the first day of April. In a survey, it was found out that 93 per cent of the houses that belong to the private rented sector are already at the required rating and others are already above the level.
In the new standard, landlords must make sure that their properties received at least an E rating for their Energy Performance Certificate which is awarded to all rental properties. If the residential property is for rent and does not comply with the minimum level requirement, the landlord could be fined by a maximum of £5,000 for every property.
The survey asked landlords regarding the upgrades they have to make in order to make sure that they are up to par with the new standards. Four in every ten landlords, around 39 per cent, said that they had to upgrade the boiler while one-third, 33 per cent, said that they chose to replace the old windows with new ones.
In comparison, only 12 per cent chose to renovate the loft while 7 per cent decided to focus on the insulation of the cavity wall. Insulation works are not as high this year because majority of the landlords have already tackled this project last year which is before the new standard was rolled out.
John Heron, the director of mortgages at Paragon, said that PRS significant improvement has been seen with regards to the energy efficiency compared to the last ten years. The staffs at Crofts are also in agreement because they have seen how the landlords make improvements by installing new boilers in order to lower the energy consumption of their tenants which consequently lightens the burden for them.