If you plan on selling your home, you must have an Energy Performance Certificate, or EPC, in place. However, in a recent study undertaken by the Mortgage Advice Bureau, only 24% of respondents said they know the purpose of the EPC for their home.
Millennials appear to know what the EPC is
From this recent study, it seems as though people aged between 24 and 28 years old, classed as millennials, have the best understanding of EPC ratings. 38% of respondents from this group said they know what their property’s EPC rating is.
For older generations, there is less knowledge about the importance or relevancy of an EPC. The levels of understanding drop to 24% and 16% as people get older.
Nationwide figures highlight importance of energy efficiency improvements
When you consider information provided by the Nationwide, it is essential to have a firm understanding of what your EPC rating is, and why it matters. The recent study found that if you have a home with an F or G rating, it will cost around £25,800 to carry out effective energy efficient improvements at your property.
For homes with an E or D, it might cost you up to £8,100 to bring your property up to standard.
There has also been a study undertaken by the Mortgage Advice Bureau, which looked at what would convince people to make significant changes at their property. The answers included:
24% of respondents saying they would carry out improvements if there were sufficient Government initiatives
22% of respondents said they would carry out improvements if Government legislation forced them to
Brian Murphy, Head of Lending at Mortgage Advice Bureau, comments: “The importance of consumers knowing their EPC rating is paramount to them not being hit by higher costs or charges down the line. However, the government has a vital role to play in improving consumer engagement and awareness on EPC ratings and their plans to decarbonise homes. For many, retrofitting homes will be too strong a financial burden and thus out of reach. It is therefore up to the government and the industry to work together to incentivise people to improve their homes, rather than reward those who already live in energy-efficient properties.”
It is not as if you have to be in the process of selling your property to be in a position to benefit from what an EPC is. There is a great deal to be said for making your home as comfortable or as cosy as possible. This means all homeowners should look to make these improvements, as it will have short and long-term impact on their home.
If you are looking to go to market, and need assistance in this matter, please contact us, and we will be more than happy to help.