Upgrades are expected to cost around £4,700 per property, with almost half of landlords saying they will recoup some of the costs by raising rents. The changes will likely hit older homes the hardest, with one-third of private rented buildings built before 1919, while new build properties and flats are far more likely to already comply with the proposed efficiency standards.
While there are existing schemes offering financial support for upgrades, such as the Boiler Upgrade Scheme and Green Deal loans, there is a need for more support from the government, financial or otherwise, to help landlords make the necessary changes. The benefits of more energy-efficient homes include cheaper heating bills, warmer living conditions, and reduced likelihood of maintenance issues with frozen pipes or condensation causing damp and mould.
It's clear that energy efficiency is becoming an increasingly important issue for landlords and tenants alike. With renters becoming more conscious of energy efficiency, there is a growing demand for properties that are more energy efficient, and landlords who don't invest in making their properties more efficient could struggle to attract tenants. While the cost of making the necessary changes may be significant, the long-term benefits of having a more energy-efficient property could be substantial.