Buy to let investors have improved energy efficiency
Landlords are most likely to have invested in a boiler upgrade in the last 12 months and have improved energy efficiency of their rental properties according to a mortgage lender’s survey.
Paragon – which interviewed 201 landlords over the past three months – says the move may have been in response to the government’s introduction of Minimum Energy Efficiency Standards on April 1.
The new standards require landlords to achieve a minimum rating of E on the Energy Performance Certificate, on pain of a potential £5,000 fine for each property not making the grade.
The survey found high awareness among landlords regarding the introduction of the new standards, with 85 per cent of those taking part indicating their familiarity with the measures.
Asked which upgrades they had made to their properties in the run up to the implementation of the new standards, 39 per cent said they had replaced the boiler in one or more of their rental properties and 33 per cent said they had invested in new windows.
In contrast, landlords were least likely to have undertaken loft or cavity wall insulation, with only 12 per cent and seven per cent respectively having carried these measures in the prior year.
Paragon says that according to the latest figures from the English Housing Survey, it’s estimated that 93 per cent of homes in the private rental sector are now rated E or above, with 76 per cent achieving band D or higher.
This is broadly similar to owner-occupied homes where 95 per cent are E or above and 77 per cent D or higher.
Only social housing does better, with 99 per cent of homes rated E or above and 92 per cent coming in at band D or higher.