One of the UK’s largest BTL mortgage lenders has urged the Government to give landlords more financial support to reach its recently-announced 2030 deadline for all rental properties to reach a minimum EPC band C.

Nationwide says its research among landlords found that 16% of those surveyed were not willing or able to invest in their properties to reach this new minimum standard.

Older landlords are most likely to be struggling among whom nearly 40% said they doubted they could afford the upgrade work.

“We need government to step up and provide the necessary support for landlords if they expect that change to happen.

The lender says it wants the Government to introduce grants for landlords who own properties which are the hardest to retrofit by enabling the costs to be offset against tax.

It also points out that landlords who do retrofit their properties to be better insulated and greener see their homes both worth up to 15% more and earning 7% more rent on average.

Hard slog

“Our analysis shows there can be long-term gain with green retrofitting through increased property value and improved rental yields,” says Dan Clinton (pictured) from The Mortgage Works.

“But it will be a hard slog for many landlords to meet this ambitious timeline to bring their homes up to spec, particularly those who have had to absorb higher mortgage rates and bigger tax bills in recent times.

“We need government to step up and provide the necessary support for landlords if they expect that change to happen.

“As history shows us, positive change can be painstakingly slow when there are a lack of incentives.

“Alongside this, there needs to be an effective framework for energy efficiency including clarity around the future of EPCs, information on energy efficiency improvements and skills training to ensure there is a workforce able to deliver green improvements at scale.”