Over half (58%) of landlords with property rated below an energy performance certificate (EPC) of C are putting off work to bring their properties up to scratch, Landbay has found.

The Government has set landlords a deadline of 2030 for all rental properties to reach a minimum EPC rating of C, or risk facing substantial fines.

However, the latest survey by the buy-to-let (BTL) lender revealed that 58% of landlords will wait until nearer to 2030 to do the work, with just 18% saying they will do upgrades as soon as possible.

Furthermore, 6% stated that they won’t make any changes at all, despite the intention to continue renting their properties.

The survey also found that 35% of landlords said their properties fell below an EPC rating of C, with half above C.

A landlord told the lender: "I think the EPC ratings are somewhat unrealistic for most given that the council themselves also have properties in need of upgrades."

Landbay also revealed that it was landlords with large portfolios (between 11 and 20 properties) who had the most properties rated between D and G at 36%. This was followed by landlords who had between four and 10 properties at 27%.

Landbay found that just over 5% of landlords didn’t know what their EPC rating was.

Sales and distribution director at Landbay, Rob Stanton, said: "It’s encouraging that half of our landlords have properties at C rating or above. But those landlords who don’t, and who are putting off upgrading their properties, need to be careful. Kicking the can down the road may mean that, with a national skilled worker shortage, landlords risk not getting the work done in time, They may face significant fines as a consequence.

"As a BTL lender we are here to help should landlords need extra financing for upgrade work. Demand for decent rental properties already continues to outstrip supply, with many tenants ready and willing to rent across the country. We remain committed to doing our bit to help, innovating to meet the needs of landlords."

---