UK landlords prefer to sell up than spend on EPC upgrades

I've had all my properties inspected and costed to bring up to EPC C. For those not at C already, the cost ranges from 11 to 15,000. My intention is to sell the worst and replace them with property already at he correct level or above.
I am aware that cost-wise with CGT, SDLT, legals, etc, it will cost more, but I will release equity from my portfolio which will allow me to buy other better performing property, (although not as many), which will have greater income potential.

We've just heard this morning from Michael Gove, that things might be relaxed on this front for a while, so let's see what transpires, although this is just one part of the equation as to whether to sell up or not.

With recent mortgage rises, one property of ours (Owned for 20 years) makes no profit at all now, but thankfully has a C rating, otherwise if required to do any additional works, we would have to sell,, as we would be running at a loss, and there would be another homeless family.

Even with Cavity walls, new Gas Combi Boiler, Radiators with trv's, a programmable Wall Stat, well Insulated loft, LED lights and modern Double Glazing my 1970's semi detached house EPC Band D would need Solar Panels or cavity inulation to reach Band C.
So it makes sence to to Sell, Sell, Sell or then buy one that is Banded C
The Government and Shelter do not care
So Section 21 whilst you can otherwise its Sec 8 at £300 an hour in future for a Litigation solicitor

We sold one of our older properties this year as we knew it would cost thousands to bring an old early 1900’s property up to the C level, wouldn’t have been cost effective, other properties will follow no doubt as it’s too much government interference. We have nice properties and have had long term tenants for many years it just feels as landlords are the scourge of the earth and with interest rate rises needing to be passed on to our tenants it’s only going to get harder.
Anyone want to buy properties in sunny Cornwall😉.

I have brought properties up to EPC C.

The last one was a 3 bed end of terrace. I gave it a back to brick full refurb that took me several months and cost tens of thousands with just myself and one other worker helping. Realistically this is what lining walls internally, insulating under floors etc involves. I had to move radiators, redo all the woodwork and covings, window sills etc. Most of the sockets needed moving too, as well as the radiators, so it got rewired , replumbed and fully replastered. Obviously that also led to a new kitchen, bathrooms, carpet, curtains and garden by the time all the skips and rubble etc had been dealt with.

I don't mind doing houses like that because I get them how I want them but I will definitely sell others if the government decides that they all need doing at once.

Reply to the comment left by Andrew at 25/07/2023 - 19:55
Hi Andrew
I'm interested. Can you email me- richard@aylward.co.uk
Thanks

Reply to the comment left by Richard Aylward at 25/07/2023 - 21:59
I need to raise rents first and see what response I get. Hopefully they’ll understand it needs to be passed on…. 😬😬

Am I the only landlord to take exception to having my intelligence insulted by this supercilious, smug-looking glorified double-glazing salesman? Mr Delaney's survey reveals that most landlords cannot afford the necessary upgrades so have made a rational business decision to sell, yet he tells us that something has gone wrong in the messages and our understanding of the necessary upgrades. Sure, something is wrong with messages which are constantly changing and have changed again since he wrote his piece so that landlords choose not to act before the promised revaluation of the EPC calculation base away from running cost to occupier and towards energy saving and carbon reduction. In addition, a rebalancing of the rigged electricity and gas prices is necessary before more people will consider heat pump installation with all the associated changes to radiators and insulation. Yesterday Mr Gove indicated that properties with gas boilers would have their EPCs downgraded to push the change to heat pumps, yet we know the electricity grid and future production capacity won't support a total switchover of home heating and vehicle replacement.
Please, Mr Delaney, do not blame landlords' understanding of the issue for government mismanagement of the entire energy supply and pricing system, mixed messages to landlords and the BOE money printing and failure to raise interest rates in a timely manner. Rather than generate more customers for your business which is the transparent motive behind your statement, you deter us by insulting our knowledge and intelligence,

What is being done about the properties that are not rented out but rather have homeowners living in them? Are all properties subject
to this epc deadline? This would only be fair.