Energy performance ratings and house prices in Wales: an empirical study

This paper investigates the effect of Energy Performance Certificate (EPC) ratings on residential prices in Wales. Drawing on a sample of approximately 192,000 transactions, the capitalisation of energy efficiency ratings into house prices is investigated using two approaches. The first adopts a cross-sectional framework to investigate the effect of EPC rating on price. The second approach applies a repeat-sales methodology to investigate the impact of EPC rating on house price appreciation. Statistically significant positive price premiums are estimated for dwellings in EPC bands A/B (12.8%) and C (3.5%) compared to houses in band D. For dwellings in band E (−3.6%) and F (−6.5%) there are statistically significant discounts. Such effects may not be the result of energy performance alone. In addition to energy cost differences, the price effect may be due to additional benefits of energy efficient features. An analysis of the private rental segment reveals that, in contrast to the general market, low-EPC rated dwellings were not traded at a significant discount. This suggests different implicit prices of potential energy savings for landlords and owner-occupiers.

Are existing biodiversity conservation strategies appropriate in a changing climate?

Many countries have conservation plans for threatened species, but such plans have generally been developed without taking into account the potential impacts of climate change. Here, we apply a decision framework, specifically developed to identify and prioritise climate change adaptation actions and demonstrate its use for 30 species threatened in the UK. Our aim is to assess whether government conservation recommendations remain appropriate under a changing climate. The species, associated with three different habitats (lowland heath, broadleaved woodland and calcareous grassland), were selected from a range of taxonomic groups (primarily moths and vascular plants, but also including bees, bryophytes, carabid beetles and spiders). We compare the actions identified for these threatened species by the decision framework with those included in existing conservation plans, as developed by the UK Government's statutory adviser on nature conservation. We find that many existing conservation recommendations are also identified by the decision framework. However, there are large differences in the spatial prioritisation of actions when explicitly considering projected climate change impacts. This includes recommendations for actions to be carried out in areas where species do not currently occur, in order to allow them to track movement of suitable conditions for their survival. Uncertainties in climate change projections are not a reason to ignore them. Our results suggest that existing conservation plans, which do not take into account potential changes in suitable climatic conditions for species, may fail to maximise species persistence. Comparisons across species also suggest a more habitat-focused approach could be adopted to enable climate change adaptation for multiple species.

Housing provision in 21st century Europe

European housing markets exhibited considerable volatility so far in the 21st century while affordability worsened for many. Boom-bust has had greater housing impacts than any specific housing policy, which illustrates the difficulty in policy terms of seeing housing in isolation and the central significance of interlinked relationships between housing, the economy and financial markets. Europe historically invented a powerful set of interventionist tools to alter housing circumstances but, as the overview of rental markets here indicates, today they have mixed success. Examples of what to avoid in policy are at least as common as exemplars.