In a survey of 2,004 property owners by the Mortgage Advice Bureau (MAB), around two thirds (64 per cent) did not know their EPC rating, with the report noting that many could be wrongly assuming they already have a good enough rating and didn’t need to make any changes.
For those that did know their EPC rating, 27 per cent said this was because they were interested in making changes to improve it, while a third said they were inclined to make changes as they had seen the effect raising their EPC had on their friends or families’ bills.
However, the survey showed that, among the majority of homeowners, there remains a lack of knowledge around EPC rating and where to get further information.
Indeed, only around one in 10 (12 per cent) respondents had spoken with an adviser about their EPC, and two thirds of homeowners had no idea of the government’s target for properties to have a minimum of a grade C EPC rating by 2035, or the shorter deadline of 2025 for private rental accommodation.
MAB: Advisers should discuss EPC ratings with clients
Ben Thompson, deputy CEO of MAB, believes that more needs to be done to combat this situation.
He said: “It would be great if advisers could take the initiative and discuss EPC ratings with their clients. The government’s deadline of 2025 for private rental accommodation to be a minimum of grade C is fast approaching, and landlords will need to act soon with regard to retrofitting older properties.
“However, there remains a lack of knowledge about this deadline or the benefits that come with higher EPC ratings.”
Thompson highlighted that upgraded EPC ratings can mean more than just reduced energy bills.
He said: “When people think about upgrading their EPC rating, many will think of the impact it will have on their energy bill and the climate.
“However, it can also make you eligible for green mortgage deals that often come with incentives such as lower interest rates. Retrofitting and upgrading a property’s EPC can also increase the value of your home, as homeowners strive to be more energy efficient.”
