This paper investigates whether energy performance ratings measured by Energy Efficiency Certificates (EPCs) affect the sales prices of residential properties in Oxfordshire, UK. The study makes use of 186,913 sales transactions that took place between 1995 and 2023. Using a hedonic regression estimation, a nonlinear pattern between energy efficiency levels and the sales prices of dwellings, are observed. The results also show that there is evidence of a significant positive relationship between EPC ratings and detached, semi-detached, terraced houses and flats. In the second part of this study, we examine the effects of age, county and type of dwelling on price premiums. To the best of the authors’ knowledge, this study is the only study, using the most comprehensive literature; and the largest, most up to date available data in analysing the Oxfordshire real-estate market, in terms of energy efficiency and price premiums.
Perez, Husein Amoudi, Omar Famuyiwa, Funlola Tah, Joseph H.M.
School of Built Environment
Year of publication: 2024Date of RADAR deposit: 2025-04-09