Just one in four know their property’s EPC rating
Only a quarter of adults know what the energy performance certificate (EPC) rating of their home is, a new study by mortgage adviser firm Mortgage Advice Bureau has revealed.
Younger people tend to be more engaged with the EPC rating, with the proportion of those aged 24-28 who know their home’s rating rising to 38 per cent. By contrast, this dropped to a paltry 16 per cent of baby boomers.
In fact, even recognising what an EPC is not altogether common, with more than one in three (35 per cent) saying they didn’t know what an EPC rating is.
Boosting a property’s EPC rating can help homeowners and landlords qualify for more competitive interest rates on their mortgages, thanks to the growing numbers of ‘green’ mortgages on the market today.
However, recent research suggested that the vast majority of brokers are yet to sell one.
There is also legislation to consider, with rules forcing rental properties to reach a C rating for all new tenancies coming into force in 2025.
Brian Murphy, head of lending at Mortgage Advice Bureau, noted that it’s important for homeowners and tenants to understand their home’s EPC rating so that they can cut their bills and avoid charges down the line.
He continued: “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.”