The trust will be handing the keys over to lucky new tenants over the course of the next few weeks - all of whom have a local connection. This is a very special moment for Midhurst and is the result of the team and their many partners in the project. Low cost housing for local people is a much needed mission. My congratulations to everyone involved.
While celebrating this local success, it's important to consider the broader challenges facing the rental market. I often say that the law most frequently passed in Westminster is the law of unintended consequences. Ed Miliband has recently unveiled plans to enhance the energy efficiency of rental properties, making it compulsory that all privately rented homes achieve a minimum Energy Performance Certificate (EPC) rating of 'C' by 2030. I am very concerned that this will lead to increased rents and make worse the acute shortage of rental properties in rural West Sussex.
Government figures estimate that the average cost for landlords to bring a property up to this standard ranges between £6,100 and £6,800, although many older and listed properties will cost far more. A cost cap of £15,000 per property has been proposed but that only gives a ten-year exemption, after which the same issue arises. The Arundel and South Downs constituency contains one of the highest numbers of listed properties. The financial strain of these upgrades is likely to force landlords to increase rents to recoup their investments. Others may simply sell up or take their properties out of the rental market entirely. There are also concerns about the quality of the EPC measurement system itself. Many see them as inaccurate or inconsistent and the UK has a different approach to that used in countries like Germany, France, and Canada, which provide clearer insights into both energy performance and environmental impact. I will be following this issue closely in Parliament so if it impacts you, please let me know.