People in period properties facing ‘nightmare’ due to rising energy costs

The least energy efficient properties are going to see their bills spiral in the coming months, highlighting the importance of having a home with a strong EPC rating in the current climate.

Analysis contained in the Nationwide House Price Index shows that properties rated F-G will see their energy bills rise by £2,700 when the energy price cap climbs by 80% in October.

This compared to a more manageable increase of £1,000 for homes in the A-C range.

Sarah Coles, senior personal finance analyst, Hargreaves Lansdown, said: “You might think a posh period property is your dream home, but in reality, owning one is becoming a financial nightmare.

“The age of a property is the single biggest factor in determining how energy efficient it’s likely to be. Almost all homes built since 2012 in England and Wales have a high energy efficiency rating – compared with 12% of those built before 1900 in England and 8% of those of the same age in Wales.

“The next most important factor is size. Flats and maisonettes are most likely to be in the most efficient bands and detached homes are the least likely to be. It means that big, detached Victorian homes are costing people dear.”

The average energy bill for the least efficient homes is twice the level of the most efficient homes – at £3,900, and the price cap rise will add an incredible £2,700.

That’s a bill of £550 a month.

Coles added: Anyone who has been in their home for a while…and is coming to the end of a fixed rate mortgage deal is in for a mortgage shock, because the rates are now significantly higher than when these two-year and five-year deals were locked in.

“It means trying to wrestle with hefty monthly mortgage payments while trapped under the weight of bloated energy bills.

“For older people, who are still in the family home, the pressure of energy bills may make it impossible to stay.

“Anyone on a fixed retirement income faces a challenge when prices rise, and for many people these higher energy bills will be insurmountable.

“This spike in energy prices may force them to leave behind a home they love because they can’t afford to stay.”

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