The world is changing rapidly. The focus of climate change is creeping into almost every part of our daily lives. All of us who specialise in the survey and valuation of residential property will be affected by the major changes that are rapidly coming our way.  We need to be aware of these changes in order to provide proper and professional advice.

EPC’s were introduced for domestic property in 2007 as a part of the Home Information Pack (remember them?), and became mandatory for anyone wishing to build, sell or rent a residential property. For many years they were not considered particularly important or relevant. Apart from making comparison, they made no real difference to value or the ability of owners to sell or rent their property. That all changed in 2015 when the Government introduced a mandatory requirement that property offered for rent must have a minimum EPC rating of ‘E’. It has meant that some landlords have had to upgrade their properties. The impact so far has not however been too significant, as most properties can achieve this rating fairly easily and at minimal cost.

Be aware though, there are much tougher requirements on the horizon. The most notable being the desire by Government to raise the minimum EPC rating for domestic rented property from ‘E’ to ‘C’ in 2025. The devolved governments also have aspirations of applying more efficient ratings to the sales and rental of all domestic property over the next few years.

If we look at the Climate Change Committee website, and in particular, a study which has just been published by Lancaster University, we can see the sort of proposals to be expected over the next few years. These include:

·       A property log book to record all information about the energy efficiency and energy usage of a home and any subsequent improvements.
·       Payments of differing levels of Stamp Duty depending upon the EPC rating of a property.
·       The promotion of more ‘green mortgages’ at better rates to incentivise homeowners to improve the energy efficiency of their homes.
·       Different energy tariffs for more efficient homes.

Add to this the current price of energy and it’s not hard to conclude that the energy efficiency of a home will play a much more important role in its future saleability and value. We are rapidly heading towards a world where the value, and even saleability of a home is determined by its energy efficiency. People need clear, reliable and detailed information on the changes which will be needed to their homes in order to achieve these goals.

At Avery & Co we have recently become trained as Domestic Energy Assessors (DEA’s). With all the changes coming quickly down the road, should it not be a minimum requirement that all residential surveyors and valuers become better trained in these areas in order to advise our clients?

If you’d like to find out more, contact us via the website or call us on 0330 088 5040