Plans which would see landlords pay up to £10,000 per rental property for energy efficiency improvements have been axed by the Prime Minister. The proposals, which would introduce a Minimum Energy Efficiency Standard rating of C, had left landlords in limbo for years.
In a statement issued on gov.uk the Govenment said it would, ‘scrap policies to force landlords to upgrade the energy efficiency of their properties, but instead continue to encourage households to do so where they can’.
This is good news for landlords as many have put plans on hold regarding future investment decisions without a clear idea of what the Government had in-store.
Being a landlord, I’ve personally undertaken property upgrades to enhance EPC scores, aiming to assist tenants in lowering their expenses and minimising each property’s environmental footprint. However, moving forward, I would like to see appropriate financial support and reform of the tax system which currently fails to support investment in energy efficiency measures for landlords.
Are you considering an exit from the rental market amidst ongoing uncertainty?
There are several factors to consider when contemplating an exit from the buy-to-let market. First and foremost, it’s crucial to assess whether your buy-to-let mortgage investment remains financially viable. Fluctuations in interest rates may have turned what was once a profitable venture into a situation where your investment is costing you more than it yields.
Furthermore, recent changes in legislation and legal requirements can add complexity, potential concerns and additional workload to your investment.
If these issues are causing you to reassess your investment strategy, please give me a call on 020 8882 7888. I am happy to offer free advice.