Buy to let landlords must meet demands says power company
Added 25.11.09
People looking to rent homes are becoming increasingly energy savvy, according to new research from E.ON, one of the UK’s energy suppliers.
E.ON’s poll revealed that 75 percent of UK tenants see the energy efficiency of a home as the key factor when it comes to choosing somewhere to live. It’s good news for landlords, as almost half of those tenants (48 percent) are prepared to pay higher rents to secure a home that minimises both their impact on the planet and their bills.
The research ties in with E.ON’s new Landlord Pack launched this week to help landlords meet the demands of energy conscious tenants.
The search for greener homes is most obvious at the top end of the market, with two thirds (66 percent) of the wealthiest tenants and over half (60 percent) of 25 to 34 year-olds willing to pay more for energy efficient homes.
Despite tenants looking for energy efficient homes and being willing to pay extra for a greener abode, landlords appear out of touch with tenant sentiment says E.ON.
Almost half (43 percent) of tenants felt their landlords didn’t care about the energy efficiency of their rental properties, nor the impact this has on their quality of life.
Most tenants believed this lack of interest was down to landlords not being responsible for paying the bills and, as a result, not wanting to spend money on improving energy efficiency.
The research also suggests a lack of communication between tenants and landlords. Almost two-thirds (63 percent) of tenants felt their landlords provided too little information regarding the running costs of their properties and less than one-fifth (17 percent) of those surveyed had proactively approached their landlord to discuss energy efficiency.
The E.ON Landlord Pack contains practical guidance to help landlords work with tenants to improve both the energy efficiency of their properties and yields at a time of falling rents. It includes a selection of tips for landlords to share with their tenants to keep energy spending in check and to ensure they are benefiting from financial assistance available from energy companies and government agencies.
John Fawcitt, Energy Efficiency Manager at E.ON, said: “Energy efficiency is a clear selling point for rental properties, and we hope both tenants and landlords will profit from the clarity this research brings to the needs of the one in ten who live in privately rented homes.
“Being energy efficient doesn’t start with solar panels and futuristic technologies, it starts with simple changes to the way we heat and light our homes – such as energy saving light bulbs and adequate insulation.
“Collectively, buildings are responsible for almost half of the UK’s carbon emissions, so home improvements benefit not only tenants but also help all of us reduce our impact on the environment.”
Richard Price, Director of Operations at the National Landlords Association (NAL), said: “The NLA is pleased to see more and more energy companies engaging with the private-rented sector and supporting landlords as they provide their tenants with ‘greener’ accommodation solutions.
“There are real incentives for landlords to invest in the provision of more energy efficient homes, and it is clear tenants value the financial benefits these properties can deliver.”
The Landlord Energy Efficiency Advice pack is available to download at www.eonenergy.com/landlordpack.
News feed courtesy of Residential Landlord