NRLA have reported that growing numbers of landlords are expected to push for electric vehicle (EV) charging points to be installed at their properties (including car park bays).

 

Earlier this year, the Government announced the ChargePoint scheme, allowing landlords access to funding support for purchasing and installing EV charging points on their properties. This provides landlords with £350 or 75% off (whichever amount is lower) the cost to buy and fit the equipment. Landlords can access 200 residential and 100 commercial property grants each financial year. This would allow landlords with large portfolios to equip their properties with this growing-in-demand technology.

 

Many property types are included in the scope of this grant including, but not limited to, flats, houses, apartment blocks and commercially let properties with parking for staff or fleets.

 

 

Property management professionals and landlords aren't blind to the increasing move toward EVs with the general public. As technology progresses, they are becoming more accessible to a wider demographic, eventually leading to more and more renters looking to have EV charging capabilities at their prospective homes - and landlords looking to take advantage of the growing popularity of EVs in conjunction with the ChargePoint grants.

 

Research by E.ON has shown that around 77% of Gen Z (aged 16-27) would prioritise eco-solutions, like an EV charger, when looking to buy or rent a new home, and 81% of that same age bracket would be happy to pay more for a property with these eco-solutions. With these figures in mind, it's clear that new/young renters will be drawn to properties with an EV charging point, leading more landlords to be more inclined to utilise the grant, install them, and attract more attention to their properties. It is worth noting that renters also qualify for access to these grants.

 

Questions are already being asked; if renters can access these grants, are they able to proceed with the purchase and installation without permission from freeholders and their managing agents? Then there are charging point feasibility studies, car park bay or space ownership, completing risk assessments, arranging access with installers and the prospect of a five-year NICEIC test to BS 7671 for the charger’s hard-wired links.

 

Landlords are looking to these newer technologies to add long-term value to their investments, whilst appealing to younger, more eco-conscious renters in the short term. Going green may seem like the way to go. According to the National Association of Property Buyers, an electric car charging station could add £3,000 to £5,000 to the value of a home.

 

 

It’s not a case of ‘if’ but ‘when’ matters regarding charging points become a daily property management task. Electric vehicles are a compelling part of the Government’s ambition to be a carbon net-zero country by 2050. While drivers will be forced to become electric vehicle owners as part of this plan, the cost of diesel/petrol – combined with recent fuel distribution issues – is prompting more of us to consider the switch to electric earlier than planned.

 

According to data from the Society of Motor Manufacturers and Traders, the number of plug-in hybrid vehicles on UK roads increased by some 280% between 2019 and 2021, while the increase was 586.8% for pure electric vehicles. Looking at more recent data, one in five UK cars sold to date in 2022 was an electric model – a figure set to soar as the sale of new petrol and diesel vehicles phases out from 2030.

 

If you’re thinking about an electric future, talk to us about the benefits, the drawbacks and everything in between. Don’t let your administration bog you down, our full management service lets you enjoy the benefits whilst we deal with the nitty-gritty.