A UK Parliamentary petition has been launched in light of the country’s decision to leave the European Union to scrap energy performance certificates for residential properties.
Is it time to scrap EPCs?
Richard Carr, a Poole-based property developer, will watch with interest the success of the petition as it will impact upon the selling costs to sellers and landlords.
The certificates, which are known as EPCs, were introduced in 2007 as part of the Housing Act 2004, which made it a mandatory requirement that an energy assessment is made on all properties listed for sale in Britain.
This was implanted to comply with a European Directive, however many felt EPCs were a bureaucratic consequence of being a member of the European Union. As a result, the annual cost of having a property inspected and a certificate issued amounted to £100 million to sellers and landlords.
Poole-based businessman and property developer Richard Carr believes the United Kingdom will become a richer nation if it leaves the European Union on the 23rd June.
Richard Carr has been in business for three decades, during which he built a public limited company and enjoyed success in the nightlife and property development industries.
He believes the UK will be a stronger nation if the country decides to leave the European Union later this month.
“Once the shock of leaving the EU is digested it’s highly likely that the pound will rally,” he said. “As an isolated nation we won’t be affected by the redistribution of wealth that is likely to happen in the European Union.
Although there has been plenty of positives coming out of the industry over the past months in relation to increase planning applications and new funds to help social housing, the country’s housing shortage remains one of its major problems.
As a result of the increasing uncertainty around the decision that will be made following the referendum, residential investment transactions in the residential sector have slowed and limited house buying transactions across the house price spectrum.
However, there’s no need to panic, yet.
“This is not unexpected as there’s usually a slowing of residential transactions before any national poll. After an election vote we typically see the residential sector recover and bounce back as stability and confidence returns,” the report says.
“Should the UK opt for a Brexit, we could assume that uncertainty could linger while the UK Government negotiates new trade deals and relationships with the EU and third countries,” it adds.