The role of energy efficiency and particularly energy performance certificates (EPCs) has emerged as a topical and important aspect of real estate markets. Various studies have been carried out investigating the perceived capitalisation effects of energy efficiency on property prices. There, however, remains divergence of opinion whether the capitalisation effect is truly in existence with extant research showing differing magnitudes of effects, if any. To date, no study (that the authors are aware of) has investigated the nature of the transition between EPC bands and price effects. The purpose of this study is to add to the research of the energy efficiency of housing to examine the nature of the likelihood of property characteristics being associated with higher EPC scores and value.,This research undertakes a suite of methodological tests to investigate the more latent relationships between EPC bands and pricing behaviour using 3,797 achieved sales prices within the Belfast housing market. Binary logit regression models are specified in conjunction with a Polytomous Universal Model to examine the likelihood of EPC bands falling within a particular property type and the likelihood of any pricing effects.,The findings show the differing property types to comprise very distinct and complex relationships in terms of price and EPC banding. The binary logit model estimations for both terrace properties and apartments reveal an increased likelihood to obtain higher EPC scores, with the semi-detached sector displaying a “mixed effect” with detached property revealing decreased probability of having superior energy performance and decreased likelihood of having poorer energy performance. The ordinal model estimations indicate that sales price comprises no relationship with energy performance, inferring that there is no increased probability of an increase in sales price with higher EPC rating.,This research offers new insights and focus on achieving a better understanding of the nexus between energy performance and property characteristics using alternative modelling approaches. This provides more exploratory insights into the complex relationships and offers awareness for policy discourse in terms of targeting properties which will tend to be poorer in energy efficiency.

中文翻译：

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能源绩效证书与销售价格之间关系的探索性研究：多模型通用模型方法

能源效率，尤其是能源绩效证书（EPC）的作用已经成为房地产市场的主题和重要方面。已经进行了各种研究来调查能效对房地产价格的资本化影响。然而，关于资本化效应是否确实存在的观点存在分歧，现有研究显示出不同程度的效应（如果有）。迄今为止，尚无任何研究（作者意识到）研究过EPC频段和价格效应之间的过渡性质。这项研究的目的是增加对住房能源效率的研究，以检验与较高的EPC得分和价值相关的特性特征可能性的性质。这项研究进行了一套方法学测试，以研究贝尔法斯特住房市场中3,797套已实现的销售价格，来探讨EPC频段与定价行为之间更潜在的关系。结合Logistic多元模型指定了二元logit回归模型，以检验EPC频段落入特定房地产类型的可能性以及任何定价影响的可能性。研究结果表明，不同的房地产类型在房地产中构成了非常独特和复杂的关系。价格和EPC条带条件。露台属性和公寓的二进制logit模型估算值显示获得更高EPC分数的可能性增加，半分离的扇区显示“混合效应”，具有分离的特性，显示出降低了具有优异能量性能的可能性，并降低了具有较差能量性能的可能性。序数模型估计表明，销售价格与能源绩效没有关系，这表明较高的EPC等级不会增加销售价格上涨的可能性。该研究提供了新的见解，并致力于更好地了解两者之间的联系使用替代建模方法的能源性能和特性特征。这为复杂的关系提供了更多的探索性见解，并使人们对政策讨论有了针对性的认识，这些目标性往往会降低能源效率。