Over two-thirds of property professionals believe EPC ratings should be reflected in valuations
A webinar poll carried out by Countrywide Surveying Services (CSS), one of the leading suppliers of valuation panel management services, outlined that over two-thirds of property professionals (71%) believe valuers should reflect the EPC rating in value depending on a property’s EPC rating. In contrast 29% thought that they should not.
These responses emerged at Countrywide Surveying Services’ regular webinar series with this particular session focusing on a panel discussion around legacy and new stock, plus the challenges/opportunities of moving to a low carbon built environment.
Almost 200 people actively engaged with the session, with the audience consisting of lenders, brokers, surveyors and other property professionals. The panel included Kieran Walker, group technical director at the Home Builders Federation, Clive Sandom, corporate account manager at Leeds Building Society and Adrian MacDiarmid, head of mortgage lender relations at Barratt Developments who joined John Baguley and Matthew Cumber from Countrywide.
Further polls were taken during the webinar around EPC ratings and energy efficiency.
When asked the question – Should lenders reflect the EPC rating in mortgage rates depending on the EPC rating? A small majority of 56% said yes, with 44% saying no. Six in 10 of respondents (59%) believed that the house buying public would pay more for an energy efficient property, while 41% thought they would not.
In addition, when asked who do you think should fund retrospectively required energy efficient measures? Only 3% suggested that the public should foot the bill, 24% implied it was the government’s responsibility with 73% highlighting that it should be a mix of public and government funding.
Matthew Cumber, managing director of Countrywide Surveying Services, said: “Awareness around the green mortgage market and energy efficiency is clearly rising at pace. With changes to the minimum energy ratings in the offing, it’s clear that surveyors, lenders, intermediaries, homeowners, landlords and potential buyers all need to be fully aware of the challenges/opportunities involved in moving to a low carbon built environment.
“As always, these polls make for some interesting reading and discussion. A variety of issues around EPC ratings will continue to be at the centre of many debates and it’s clear from the data that there’s a growing clamour for them to be taken into account when it comes to the valuation process and, to a lesser degree, mortgage rates. And this is a discussion which I expect to gather further momentum in H2 2021.”