With less than a year until new legislation surrounding energy performance certificates (EPCs) is introduced in Scotland, buy-to-let landlords north of the border are being urged to take note of the upcoming changes so that they can begin any necessary preparations.
By 1st April 2020, any new tenancy will require the property to have an EPC rating of at least band E.
By 31st March 2022, all rental properties will need to have an EPC rating of at least band E.
Landlords who fail to comply will face fines of up to £4,000 if their property’s rating is not up to the new standard, and so clearly it is important that landlords start thinking about this now.
Energy Efficient Scotland was launched by first minister Nicola Sturgeon in May last year.
Speaking at the time, she said the programme highlighted the government’s “clear commitment to ensuring that we tackle fuel poverty and reduce greenhouse gas emissions - helping those on low incomes as well as protecting our environment”.
Landlords who invest in Scotland’s rental market will find that the average rental property generates a rental return of 4.7%.
Investor returns in Scotland continue to compare favourably to those found in England and Wales, where the average rental return currently stands at 4.3%.