2.9 million rental properties need a green makeover. And if those properties want to meet the government’s proposed minimum Energy Performance Certificate (EPC) rating of C by 2030, a hefty £23.4 billion needs to be spent – averaging out to £8,074 per property.

This news comes straight from Rightmove’s latest Greener Homes Report, which spills the beans on the growing concerns among landlords. 50% are worried about facing financial penalties if their properties don’t hit that magic C rating by 2030.

Green Wealth Divide: Are You on the Right Side of the Fence?

Rightmove’s analysis reveals a glaring “green wealth divide”. Properties worth over £1 million are racing ahead, with 50% significantly boosting their EPC ratings compared to just 32% of homes valued under £400,000.

The government’s push for greener rentals isn’t new. But without some serious financial aid to help landlords foot the bill for these eco-upgrades, many might choose to sell up rather than shell out. This could spell disaster for the rental market, driving down the number of properties available to rent.

Exodus of Landlords: Are You Staying or Going?

Rightmove’s data paints a worrying picture: a record-breaking number of former rentals are hitting the sales market. 18% of properties for sale in August used to be rentals, compared to just 8% back in 2010. This mass exodus of landlords suggests many are already throwing in the towel.

With the Autumn Budget looming, Rightmove is calling on the government to throw landlords a lifeline – something that will ultimately benefit tenants too. They’re also pushing for more widespread support for homeowners struggling to green up their lower-value properties.

Green Upgrades – A Costly Headache for Landlords

Rightmove’s expert, Tim Bannister, warns that more needs to be done to help the average homeowner, especially those in properties under the £400,000 mark, make their homes more eco-friendly.

“Landlords are keen to provide comfy, energy-efficient homes,” says Bannister, “but those green upgrades don’t come cheap. For landlords with lower-value properties, those eco-investments might not pay off.”

He adds: “Now that the government’s confirmed a consultation on upping energy efficiency standards in rentals, we need some much-needed clarity. Ideally, support for landlords, which will trickle down to benefit tenants in the long run.”

Time is Ticking: Are We Headed for a Green Skills Shortage?

Propertymark’s chief executive, Nathan Emerson, agrees that improving the environmental credentials of UK properties is more important than ever. However, those hefty costs are giving many a serious case of the jitters.

Emerson stresses that hitting that 2030 target will need targeted support for landlords, and in some cases, tenants might even need to temporarily move out while complex work is carried out. He also flags a worrying potential roadblock: a shortage of skilled workers and resources to get the job done. With only a five-year window, the clock is ticking.