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Do You Know What The EPC Is For?

A new study undertaken by the Mortgage Advice Bureau suggests that less one quarter of consumers are aware of what the Energy Performance Certificate, or EPC, is for their home.

You should be aware that if you want to sell your home, you must have an EPC in place. This is something we can assist you with, and we are more than happy to take control of this for you. However, there is a lot to be said for familiarising yourself with what the EPC is, and what its recommendations mean to you and your home.

Millennials appear to know what the EPC is

From the study, it seems as though people aged between 24 and 28 years old, classed as millennials, have the best understanding of EPC ratings, and 38% said they know what their property’s EPC rating is.

The Nationwide has also provided market information and a reminder of why, it is essential to have a firm understanding of what your EPC rating is, and why it matters.

Home improvements can be costly

The recent study found that if you have a home with an F or G rating, it will cost around £25,800 to carry out effective energy efficient improvements at your property.

For homes with an E or D, it might cost you up to £8,100 to bring your property up to standard.

Returning to the study carried out by the Mortgage Advice Bureau, which looked at what would convince people to make significant changes at their property, the answers included:

  • 24% of respondents saying they would carry out improvements if there were sufficient Government initiatives
  • 22% of respondents said they would carry out improvements if Government legislation forced them to

Brian Murphy, Head of Lending at Mortgage Advice Bureau, comments: “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.”

It is not as if you have to be in the process of selling your home to benefit from making energy-efficiency improvements around your home. There is a great deal to be said for making your home as warm and as comfortable as possible, and you can do this quickly and easily by making recommended changes in line with your EPC.

Of course, if you are looking to sell your home, you must have an EPC in place, and we can help you with every step of the process.

At Prestige & Village, we care about our community, and supporting others. We aim to provide you with as much help and assistance as we can. If you have any property or housing questions, please feel free to contact us today.

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