It’s estimated that an extraordinary £20 billion of investment is required by private landlords to meet new EPC targets.
Although the government has eased the deadline for all private rental stock to meet EPC rating C from 2028 to 2030, the battle is still immense.
Octane Capital analysed data on the percentage of private rental dwellings that currently have an EPC rating below C.
It then applied this proportion to private rented sector dwelling stock volumes as a whole, to reveal just how many homes need improvement.
Octane then looked at the average cost of the improvements required to bring a home up to a C rating.
The research shows that, across England, 50.1% of privately rented homes currently sit below the EPC C threshold.
This equates to 2,479,757 properties requiring improvement.
Based on an median upgrade cost of £8,017 per home, this means the total refurbishment investment required stands at £19.9 billion.
London is set to require the largest total refurbishment spend, of £4.3 billion..
In many cases, homes will require topped up loft insulation, cavity wall insulation, a modern condensing boiler, double or secondary glazing, smart heating controls and LED lighting throughout.
Jonathan Samuels, chief executive of Octane Capital, comments: “For many landlords, meeting the EPC C requirement won’t just come down to recognising what needs to be done, but having the ability to fund the work and deliver it efficiently, particularly where properties require more extensive upgrades.”
This article is taken from Landlord Today