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Landlords face £23bn bill to meet Government eco rules

Three million buy-to-let landlords will have to pay thousands to upgrade homes. Landlords face a £23bn bill to upgrade properties to meet the Government’s new green energy rules. Owners will have to pay to upgrade their properties to meet a minimum Energy Performance Certificate rating of “band C”. The planned deadline for newly let properties is 2025. For all existing lets, the deadline will be 2028.

New rules

The new rules will affect the owners of more than three million rental homes, according to analysis by Outra, a research company. Of the 5.6 million rental properties in England and Wales, 59pc are currently rated EPC band D or below. Official figures suggest the average cost of upgrades will be £7,646 per property. This means the collective cost for all private rented homes will be nearly £23bn over the next six years, Outra found.

It’s a London thing

London landlords will be hit hardest as rental homes in the capital typically have the worst EPC ratings. Nearly two-thirds (62pc) of rental properties in the capital are rated band D or below, meaning landlords here will have to pay a total of £9.1bn to make upgrades.

Look out for RM.org’s ‘EPC Upgrade Pack’ coming June 2022.

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