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.