Over three-quarters of landlords are willing to spend up to £3,000 to upgrade each of their properties to an energy performance certificate rating C in order to meet new regulations, but the average cost for these improvements is over £10,000, according to Paragon Bank.
It found that 77% of buy-to-let owners are willing to spend £3,000 to comply with government proposals that new tenancies must have an EPC rating of at least C by the end of 2025, in its Rental Sector Energy Challenge report. For existing tenancies, this will apply from 31 December 2028.
But the bank estimates the actual cost of these upgrades, which include a range of features such as replacement windows and loft insulation, is £10,560 per property.
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