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Launching: Energy-sensitive Valuations (ESG)

  • Product Updates
Published by Tarryn Ann Abrahams - 4 July 2022

We’ve just rolled out a significant update –– PriceHubble valuation models now consider energy as a key component in a property’s value. Meaning, our products can be used to measure the effect of good or bad energy scores on the price of residential property.

Last month we released Energy Labels in Comparables, but that was just the first step towards something bigger; which is arming residential real estate professionals across the EU with transparent, up-to-date and accurate information about a property’s energy performance. Thus enabling them to remain compliant and take socially conscious and sustainable decisions.

Why this? Why now?

Short answer: The Paris Climate Agreement and the European ESG standards prescribed after that. Climate protection, sustainability and social responsibility are topics that have taken front stage recently and for good reason! It was only a matter of time before the real estate sector was affected; especially in light of the fact that in the EU, residential and commercial real estate account for approximately 40% of total energy consumption and around 36% of CO2 emissions. And guess what industry we work in? (That’s rhetorical)

We needed to take action!

But, playing a role in helping reduce those figures required us to do more than just boycott single-use plastics and opt for paper straws with our takeaways!

Further to this, we know that guidelines alone don’t do the job; actions and outcomes matter! But, turning guidelines into actionable outcomes requires the right data and information. Data that could be used to identify problems, assess risks and enable one to pursue the best course of action. Information about energy performance in a standardised format is just one really good example of that type of data… (you see where I’m going with this)

That’s where we come in: we’ve been working tirelessly in the background on three fronts: 1) Acquiring this key energy performance data, and 2) integrating it into our valuation models allowing one to see the direct impact energy can have on property value, AND 3) making it available for our customers to consume easily –– via our fantastic application.

Acquiring the data: what does it mean?

We have invested significantly in building up a reliable and near-complete energy performance database for residential property in our key markets. For the addresses or properties where this data does not exist, we are able to accurately predict or estimate these values using the data we already have. Further to this, we are committed to maintaining and updating this database constantly –– becoming a source of truth as it were.

All our data comes in the standard energy efficiency rating format. Energy Labels fall within a range from A++ to H (depending on the region).

This is the most recognised and standardised way to measure energy consumption and performance within Europe.

Enabling you to leverage this information was key

We went a step beyond just acquiring this information. It was paramount for us to find ways to enable our customers to see the impact that energy has on their properties when using our products. Therefore, integrating this data into our valuation models and thus making our valuations sensitive to changing energy scores was the most logical step. Furthermore, our product team incorporated Energy Labels into comparables and into dossier input fields so that this data could be interacted with when using our tool. We are already looking to the future, where we would like to have this information included automatically –– we have already started rolling out the pre-filled energy score in a few regions…

That's a quote from our CEO Julien Schillewaert.

I honestly couldn’t have said it better…

Energy efficiency class visualised in PriceHubble products

Energy Labels can be found in comparable offers of any dossier. Head over to comparables and click on an offer. Once you’ve opened your selected offer, you’ll be able to see that property’s energy label in the offer overview.

ESG in Comparables

We’ve also added Energy Label input fields on the dossier creation page.

Energy labels in dossier creation

The end sale price valuation will vary depending on the value you input in the Energy Label field. That means, for the same address, you will be able to see the difference a good or bad energy score will make on the price.

Here is an example of an address with a good energy rating (look at the price):

Good Energy rating valuation

And the same address with a really poor energy rating :

Poor energy rating

Notice the difference?

How awesome would it be if you could know whether your real estate assets were at risk of depreciating? Or if you could know whether properties you own-to-rent were at risk of being vacated due to non-compliance with the European ESG statutes? That’s why getting you this information was key!

Energy performance scores at work

Again, our goal was to make this information available to you in an easy-to-consume manner so that you can make critical decisions regarding your property based on the most up-to-date and accurate information.

PriceHubble’s ESG data serve a variety of use cases for professionals and sectors; here are a few examples:

  1. Banks can better manage risks by accurately determining the effect energy performance has on properties upon loan origination.
  2. Risk departments can determine the ESG score of every property underlying their mortgage portfolio, and assess potential haircut (present and future) to be applied to property values due to poor energy performance
  3. Bankers and wealth managers can advise clients with relevant information such as estimating the impact that energy renovations could have on their property
  4. Residential real estate portfolio managers can implement a cross-organisational data-driven approach ensuring that all real estate-related decisions are validated and informed with regard to energy performance factors.

This is still developing, we look forward to bringing you more key updates! Keep an eye out on our blog and social media channels as all news will be communicated there.

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