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The New 2023/24 Annual Landlords Survey Report

Our 2023/24 survey shows that many residential landlords still have no budget or plans in place to meet the required EPC standards

The New 2023/24 Annual Landlords Survey Report

In its drive for the UK to reduce carbon emissions and reach net zero by 2050, the UK Government has imposed new guidelines meaning many landlords now find themselves having to make a range of improvements to their rental properties.

From April 2023 all residential and commercial properties leased need an Energy Performance Certificate (EPC) rating of ‘E’ unless the properties are exempt. The requirements for commercial properties are expected to increase in 2028 and then 2030.

  • Are UK rental properties ready to meet these requirements?
  • And what impact will their implementation have on commercial and residential landlords?

A year ago, we conducted a survey to investigate how ready UK landlords were for the Government’s new Energy Performance Certificate (EPC) guidelines, with the results showing that many were ill-prepared for the changes. A year later and our 2023/24 survey shows that many residential landlords still have no budget or plans in place to meet the required standards.

What this report contains?

  • What should residential and commercial landlords do now to ensure they are compliant with the Government guidelines?
  • How can UK residential and commercial landlords take advantage of potential tax reliefs?
  • What should the Government do now to help residential and commercial landlords to meet these new guidelines?

Awareness of the new EPC rules

47% of residential landlords and 27% of commercial landlords are aware of the upcoming changes, but not specifically what those changes are or when they take place.

Building 1Are you aware that all properties which are rented, either commercial or residential, need an EPC rating of E (unless a landlord has registered an exemption) with the expectation that requirements will increase in the future?

Residential Landlords

Managing the changes

22% of residential landlords still don’t have a plan to manage the required changes, compared to 0% of commercial landlords who now all have a plan in place to some extent.

 

Property Apartments

Have you got a plan for how you will make these changes?

Q2 Residental Results

Cost of works

44% of residential landlords and 9% of commercial landlords are still unsure of the cost of the works. 39% of residential landlords weren’t sure how they would finance the cost of those works and 37% agreed they needed a cashflow plan to manage the costs but did not have one.

This compared with 27% of commercial landlords who stated they did not know how they would finance works and 27% without a cashflow plan.

 

Property Towerblock

How much will these changes to your properties cost?

Q3 COW R

Length of works

50% of residential landlords believe the necessary improvement works will take less than a year, 9% believe it will take 1-2 years and 31% were unsure of the time required.

This contrasts with commercial landlords with 9% believing it would require less than a year, 46% believing it would take 1–2, and only 18% who are not sure.

Property House

Are you planning on taking advantage of lease events to implement these changes?

Q4 LOW R

Would you like to know more?

If you would like to discuss how the EPC rating changes affect you, please get in touch with your usual Blick Rothenberg contact or Heather Powell using the form below.

View the full report

View the EPC Annual Landlords Survey Report in full.

EPC Detailed Results 2024

Contact Heather

Heather Powell
Heather Powell
Partner, Head of Property and Construction
View Heather's profile