All change for HIPS and EPCs

Energy Performance Certificates (EPCs) have been a fact of life for homeowners and landlords for a while. However, after Home Information Packs (HIPS) were recently consigned to history by the new Government, EPCs are now very much in the front line of property sales and lettings.

So just what is an EPC and what impact will they have on the recovering UK housing market?

The EPC assesses the energy performance of your property and will contain ratings on a graph similar to those used on fridges and other household appliances. The environmental impact rating measures the impact of the property in terms of its carbon footprint. The energy efficiency rating measures the property in terms of overall efficiency and levels of wastage.

On a scale of A to G the EPC will state how energy efficient the property is, giving buyers and tenants a simple and transparent indication of how cheap a property will be to run and how many tonnes of carbon the property is producing year on year. The EPC also contains a list of recommendations on how to improve the energy efficiency of the property. In a survey of 300.00, recently sold London homes it was found that over 34% did not have enough loft insulation and 63% would benefit from a new condensing boiler. Implementing the EPC recommendations would reduce the average energy cost per home by £182.00 each year, saving over 1.2 tonnes of CO2 in the process. With fuel costs predicted to go only one way, identifying and carrying out potential saving seems like simple common sense!

So has the scrapping of Home Information Packs helped the property market? So far it is too early to say. Certainly not having to pay approximately £300.00 before putting your house on the market will allow potential sellers the chance to dip a toe in the water. This, along with the increasing availability of mortgage funding should help stimulate the property market. An EPC is still required for both sales and letting but following last month’s change of Government a 28 day window now exists before it is required.

At Capital EPC we have carried out over 3000 EPCs in the London housing market, on property worth over 100 million Pounds. We work with many of London’s leading Estate Agents & Solicitors, as well as a number of Housing Associatons. We also produce commercial EPCs throughout the UK. If you would like any further information on Energy Performance Certificates or how they effect either your business or your home sales or lettings contact Mark Loveday at Capital EPC on +44 (0)78 7040 2904 or take a look at www.capitalepc.co.uk