The government has announced that the UK will stop the sale of new petrol, diesel and hybrid vehicles by 2035, its time to consider the impact this will have on private rental landlords and homeowners.
The government has announced that the UK will stop the sale of new petrol and diesel vehicles, including hybrids by 2035, its time to consider the impact this will have on private rental landlords and homeowners.
Where are we now?
All the large motor manufacturers are now producing electric vehicles. The sales figures of EVs (Electric Vehicles) are still only 2% of new car sales in the UK. However, consumers concerns regarding the reliability and range of electric vehicles are being addressed through the improved technology in some of the latest offerings from the manufactures. For example, the Jaguar ‘I pace’ has a range of 292 miles, and a fully depleted battery takes 13 hours to charge. The Tesla Model S has a range of 390 miles and takes 12 hours to charge a fully depleted battery. For those able to securely charge a car at home, these vehicles are a practical proposition for the daily commute, not to mention the savings in fuel cost, and for some company car drivers a reduced tax bill.
There is a lack of charging points, to address this the government has pledged nearly £40 million to the development of EV charging technology.
Where are we going?
All the large motor manufacturers are now producing electric vehicles. Many people who until recently had not been unduly concerned about climate change are now worried about the threat of global warming and are thinking more about sustainability.
The UK, for example, is committed to being net-carbon zero by 2050.
This means a change in the type of vehicle we drive and a change in the infrastructure needed to power the vehicles. The number of charging points will have to increase to meet the growth of, and mandate for Electric Vehicle usage.
This year the government announced double funding for the installation of EV charging points on residential streets. A trial of wireless charging technology will see a partnership between universities, local government and business.
The trial tests superfast wireless street charging pads under taxi ranks, which enable taxis to charge while they wait for fares.
How will this affect landlords and vendors?
Local authorities, electricity companies and private landlords will all be involved in locating, funding, construction and operation of such charging spaces
The UK will develop regulations that require charging points to be built into new developments that fulfill certain criteria. Property owners should consider providing charging infrastructure where possible to enhance the sale-ability and value of the property asset.