Purpose

A number of studies have investigated the relationship between energy performance certificates (EPCs) and house prices. A majority of studies have tended to model energy performance pricing effects within a traditional hedonic conditional mean estimate model. There has been limited analysis that has accounted for the relationship between EPCs and the effects across the pricing distribution. Moreover, there has been limited research examining the “standard cost improvements EPC score”, or “potential score”. Therefore, this paper aims to quantify and measure the dynamic effects of EPCs on house prices across the price spectrum and account for standardised cost-effective retrofit improvements.

Design/methodology/approach

Existing EPC studies produce one coefficient for the entirety of the pricing distribution, culminating in a single marginal implicit price effect. The approach within this study applies a quantile regression approach to empirically estimate how quantiles of house prices respond differently to unitary changes in the proximal effects of EPCs and structural property characteristics across the conditional distribution of house prices. Using a data set of 1,476 achieved transaction prices, the quantile regression models apply both assessed EPC score and bands and further examine the potential EPC rating for improved energy performance based on an average energy cost improvement.

Findings

The findings show that EPCs are valued differently across the quantiles and that conditional quantiles are asymmetrical. Only property prices in the upper quantiles of the price distribution show significant capitalisation effects with energy performance, and only properties with higher EPC scores display positive significant effects at the higher end of the price distribution. There are also brown discount effects evident for lower-rated properties within F- and G-rated EPC properties at the higher end of the pricing distribution. Moreover, the potential energy efficiency rating (score) also shows increased effects with sales prices and appears to minimise any brown discount effects. The findings imply that energy performance is a complex feature that is not easily “averaged” for valuation effect purposes.

Originality/value

While numerous studies have investigated the pricing effects of EPCs, they have tended to provide a single estimate to determine the relationship with price. This paper extends the traditional analytical insights beyond the conditional mean estimate by examining the quantiles of the relationship between EPCs and house prices to enhance the understanding of this esoteric and complex issue. In addition, this research applies the assessed energy efficiency potential to establish whether effective cost improvements enhance the relationship with sales price and capitalisation effects.

中文翻译：

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能源绩效证书和房价：分位数回归方法

目的

许多研究调查了能源绩效证书（EPC）与房价之间的关系。大多数研究倾向于在传统享乐条件均值估计模型中对能源价格定价效应进行建模。有限的分析说明了EPC与整个定价分布之间的关系。此外，关于“标准成本改进EPC得分”或“潜在得分”的研究很少。因此，本文旨在量化和衡量EPC在整个价格范围内对房价的动态影响，并说明标准化的具有成本效益的改造改进措施。

设计/方法/方法

现有的EPC研究会为整个定价分布产生一个系数，最终导致单个边际隐性价格效应。本研究中的方法采用分位数回归方法来凭经验估计房价的分位数如何对EPC的近端效应和结构属性特征在房价的有条件分布中的统一变化做出不同反应。分位数回归模型使用已获得的1,476个交易价格的数据集，同时应用了评估的EPC得分和范围，并根据平均能源成本的改善，进一步检查了潜在EPC等级，以改善能源性能。

发现

研究结果表明，EPC在各个分位数之间的价值有所不同，而条件分位数是不对称的。只有价格分布中较高分位数的房地产价格显示具有显着的能源效率资本化效应，只有具有较高EPC得分的房地产才具有较高的价格显着正效应。在价格分布较高端的F级和G级EPC物业中，低评级物业也有明显的棕色折价效应。此外，潜在能效等级（分数）还显示出随着销售价格的增加的影响，并且似乎最小化了任何棕色的折扣影响。研究结果表明，能源绩效是一项复杂的功能，出于评估效果的目的，不容易对其进行“平均化”。

创意/价值

尽管许多研究调查了EPC的定价影响，但它们倾向于提供单一估计来确定与价格的关系。本文通过检查EPC与房价之间关系的分位数，以加深对这一深奥而复杂的问题的理解，将传统的分析见解超越了有条件的均值估计范围。此外，本研究运用评估的能效潜力来确定有效的成本改善是否增强了与销售价格和资本化效果的关系。