MAB is encouraging more people to find out what their EPC rating is as it become increasingly a selling point.
Mortgage Advice Bureau is encouraging would-be sellers to check their Energy Performance Rating ahead of listing their home.
With the cost of energy bills as high as they are, it’s no surprise that Brits are placing more importance on energy efficiency when buying a new home, with many adding it to their property wish list over a large garden.
As with any feature that is in demand, including this and highlighting it when selling a property will only help, and a higher EPC could even raise the value of your home.
However, only a third (27%) of people currently know what their home’s EPC rating is.
With Britain’s housing stock one of the oldest in Europe, many homes suffer from leaky walls, inefficient windows and poor insulation. This means that across the UK, the average home only manages an EPC rating of D according to the ONS.
To combat inefficient housing, the UK government has set a target of 2025 for landlords to have rental properties at a minimum of band C and 2035 for all other properties. This will require many homes to retrofit their properties with modern energy-efficient materials to meet the requirements.
All signs point to people being willing to do this, with 27% of the public wanting to make their homes more energy efficient – and with good reason too, as a higher EPC rating will result in lower bills.
It’s for this reason that good insulation (46%) is now more popular and in demand compared to a larger garden (29%) or even a new kitchen and bathroom (34%). But with so few knowing their EPC rating and a fifth (21%) only finding out due to their estate agent asking for one, could and should homeowners be doing more?
Ben Thompson, deputy CEO at Mortgage Advice Bureau, commented: “We need to get to the stage where most homeowners know what their energy rating is. Particularly with energy prices so high, people want to know how their home stacks up when it comes to retaining heat and what a good rating is. It is also important that people fully understand the benefits of retrofitting and why doing so could help you both short and long-term.
“A good EPC rating is clearly in demand, and with good reason. Even if you aren’t planning on selling, I’d recommend finding out what your EPC rating is and looking into what fixes you could make to improve it. There are a range of ways to improve an EPC rating, from expensive retrofitting of modern windows, wall insulation and loft insulation to relatively cheap fixes such as energy-efficient LED lighting. All changes will help when it comes to cutting the cost of your energy bill, and will also help when time comes to move onto another property.”