30th Nov 2021|News|Sales|Lettings|

Do you know what your property’s EPC rating is?

Recent research from Mortgage Advice Bureau (MAB) has shown that only a quarter – 24% – of surveyed consumers know what the EPC rating on their property is.

Home features such as wall insulation, renewable energy sources and double or triple glazing have all been found to be a major draw, and yet a new study shows that two in five UK adults – based on a sample of 2,011 respondents – do not know what their property’s EPC rating is, whilst more than a third – 35% – admit they do not even know what an EPC rating is.

With a growing number of people looking for ways to make their homes more eco-friendly, with almost three quarters – 70% – of homeowners nationwide wanting their property to be more sustainable.

Digging deeper into this, MAB found that millennials (aged 24-28) are generally the most knowledgeable about EPC ratings, with 38% stating that they know what their property’s EPC rating is. The older age groups, Gen X and Boomers, were the least likely to know what their EPC rating is, with 24% and 16% respectively confirming that they knew which band their property’s falls into.

Mortgage Advice Bureau also sought to find out what would inspire or influence consumers to make changes to their lifestyle to aid the easing of climate change. The research found that the government holds the keys to this with 24% of respondents claiming that government initiatives would influence them, and a further 22% said that government legislation would cause them to make energy-efficient changes.

Brian Murphy, head of lending at Mortgage Advice Bureau, commented: “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.”

Centrick General Sales