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GVA hopes election won't delay new sustainability legislation

Monday, 09 February 2015

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Sustainability experts at GVA, one of the UK's leading commercial property advisers, welcomed Friday's announcement on the new MEPS regulations, and have stated their hope that these regulations will be considered in Parliament before it is dissolved ahead of the General Election in May.

The regulations, which fulfil a duty in the Energy Act 2011, are designed to improve the energy efficiency of privately rented properties in the domestic and non-domestic sectors in England and Wales. The Government announced on Friday that all responses to its consultation had been received, and that the regulations would now be scheduled for review in Parliament.

The property industry must now wait for the proposals to be enshrined in legislation, which will give much-needed clarity and allow landlords to put in place strategies to ensure their properties are compliant ahead of the new laws coming into effect.

Alastair Mant, Director and Head of GVA's Sustainability Team, comments: "GVA welcome the release of the minimum energy efficiency standard regulations, and hopes that time can be found for Parliament to approve them before the election. As well as responding to the original consultation document, GVA has together with others in the industry been lobbying for the finalisation of the standards in order to provide greater clarity to the industry, as 2018 is now just three years away.

"The regulations laid before Parliament are very similar to what DECC proposed in the consultation document last summer, and upon which basis the investment market has already taken action. GVA's Green to Gold survey last Autumn found that 73 per cent of fund managers and investors had already assessed their stock in line with the proposed regulations and only 7 per cent were planning to take no action over the next two years in response to the regulations."

To read a summary of the proposed regulations that have been put forward for Parliamentary review, please read this document from the GVA Sustainability team by clicking here.

If you have any queries about how GVA can help you ensure that your portfolios are future proofed against the coming regulations and well placed to face the increasing scrutiny of energy efficiency within the property market please contact Alastair Mant, Head of Sustainability at GVA on 0207 911 2940 or alastair.mant@gva.co.uk