Thursday, March 12, 2009
Category:
Property
As from December 2007 it became a legal requirement for those selling houses to provide prospective buyers with a Home Information Pack (HIP).
The pack is comprised of many items, one of which being an Energy Performance Certificate (EPC), which grades the energy efficiency of the property. As from October 2008, it also became a legal requirement for landlords to provide tenants with such a certificate.
Using data captured between October 2007 and September 2008, Halifax Estate Agents conducted their first survey of the energy labelling of domestic buildings. It was discovered that 44 percent of homes in England and Wales have an ‘average’ energy efficiency rating, classified as Band D. In contrast, just 1 percent of homes fall into the highest rankings of Bands A and B, therefore resulting in lower energy bills.
Amid the array of property types, flats have proven to be the most energy efficient with 49 percent of them classified as Band B or C. The majority of all other property types fall into the Band D category with bungalows at 47 percent, houses at 45 percent and maisonettes at 41 percent.
On average, the region with the most energy efficient homes across the 85 local authorities (LAs) surveyed in England and Wales is South Gloucestershire. However, its average energy efficiency score stands at 64.6, resulting in a Band D classification. South Gloucestershire is followed closely by Swindon with a score of 64.2, Portsmouth at 63.8 and Easington at 63.6 – all of which also fall into Band D.
Measures can be taken to increase the energy efficiency of a property and, according to Halifax, if homeowners implemented these measures then up to 58 percent of homes in England and Wales could potentially achieve a Band C rating. Specific to South Gloucestershire, Swindon, Portsmouth and Easington, average scores could be improved by 7 percent, which would mean a move from Band D to Band C.
Chief economist at Halifax Estate Agents, Martin Ellis, said: "The overwhelming majority of homes have an average energy efficiency rating, with hardly any in the top two most efficient bands.
"However, more sellers are likely to make improvements to their homes over time, leading to improved EPC ratings in the future, as they become increasingly aware of the benefits of making their property more efficient. For example, better loft and cavity insulation would raise the energy efficiency rating of a home."
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Homeowners who feel their energy efficiency grading may be poor, may wish to take steps to improve it, so as to maximise the potential for lower energy bills. Where funds are otherwise lacking, one of many options to fund improvements, a
secured loan could be considered as a means to fund the necessary projects. This finance option could provide the money for a range of home improvements, including bettering loft and cavity insulation and replacing draughty doors and windows. A secured loan can usually be repaid over a term to suit the borrower from 5 to 25 years.
