Prospective buyers often have a carefully prioritised wish list when it comes to their ideal property. Maybe a certain number of bedrooms it must-have, followed by the need for a spacious garage or a large garden, but how highly does the property’s EPC rating rank on a prospective buyer’s must-have list?
What is considered a good EPC rating in the UK?
EPC ratings run on an alphabetical system from A-G. Many properties in the UK are cold and inefficient to heat. As such the average rating in the UK is D. It is worth noting that newer homes tend to have worse ratings and newer, more energy efficient properties tend to score higher. Also, in a home buyers survey London is shown as having an average EPC rating of C, which is better than the average for most areas in England and Wales.
What do prospective buyers consider important?
A survey carried out by Natwest found that a significant number of prospective buyers ranked air quality, green space and noise pollution as very important, but only 30% considered a property’s EPC rating as very important. This is despite the fact that energy inefficient properties cost more to heat, especially with the recent drastic rises in the price of gas. When looking to buy a property it is worth contacting professionals, such as the team at Sam Conveyancing, to discuss your EPC rating requirements and avoid hefty energy bills.
The same Natwest study found that those that highly value good EPC ratings predominantly fall into the following demographics: between 33-44 and live in colder areas of the UK such as the North of England or Scotland.
The shifting value of EPC ratings following COP26
With the environmental crisis at the forefront of the nation’s minds following the recent COP26 conference in Edinburgh the current relaxed attitudes to the importance of EPC ratings seem set to change. In light of the UK government’s pledge to reach net zero in regard to carbon emissions, existing homes need to be decarbonised and new homes need to be greener.
A number of homeowners are considering making their properties more energy efficient and environmentally. This could mark a response to a shift in attitudes from prospective buyers towards energy performance and to rising heating costs.