Letting agents are being encouraged to start considering how the properties they manage can become more energy efficient by tapping to funding schemes that are starting to emerge.
Propertymark points out that the Boiler Upgrade Scheme has now opened for applications for grants of £5,000 towards the cost of an air source heat pump, £6,000 for a ground source heat pump, and £5,000 for a biomass boiler for properties in rural locations and those not connected to the gas grid in England and Wales.
It is being introduced alongside the new 0% VAT rate on selected energy efficiency materials and grants available to low-income households through local authorities.
Currently, private rented properties in England and Wales must have a minimum E rating on their Energy Performance Certificate (EPC). UK government proposals are for a minimum C rating for all new tenancies by 2025 and all existing tenancies by 2028.
Timothy Douglas, head of policy and campaigns for Propertymark, said: “The challenge of retrofitting the UK’s housing stock is going to be huge, but funding schemes are now starting to emerge and Propertymark continues to urge policymakers to come up with more incentives for the sector.
“Better energy efficiency can reduce bills for tenants and make a property a better proposition to be let out, but there is not a single solution.
“Now is the time for letting agents to begin conversations with their landlords to look at all the options and explore how they can maximise grants and other financial support available.”