March, 2023
The government has set a new deadline of 2028 for landlords to achieve an EPC C rating.
According to the reports, landlords will have an additional three years to reach the government's EPC rating goals.
The lettings industry's leaders warned that a deadline of 2025 was unattainable, and it appears that ministers have taken their advice.
According to the Daily Telegraph, all new rentals must have a minimum C rating by 2028. This deadline will apply to all lettings.
There have previously been concerns that landlords will be driven from the market, particularly if they are subject to fines of up to £30,000 for non-compliance. If the Government followed through with its original plans, many agents and business experts had predicted a "mass exodus of landlords" from the private rented sector.
Propertymark, a trade organization, and the NRLA argued that the 2025 target date was unrealistic and actively lobbied the government to push it back.
A £10,000 cap on expenditures is anticipated for landlords making improvements to their properties. A landlord could request a rule exemption if the total cost of the required improvements was greater than this limit.
The market's reaction to the news will probably be positive, but there is currently a ton of work to be done in the interim. Market-wide pressure on landlords is already present, and it includes factors like rising mortgage rates and modifications to Section 21.
