1# RECORD aa82db73a0ef7b24a4266aa846327f66030956a02# TITLE: A spatial analysis of EPCs in The Belfast Metropolitan Area housing market3# YEAR: 2019.0 VENUE: Journal of Property Research DOI: 10.1080/09599916.2019.16973454# AUTHORS: M. McCord; D. Lo; P. Davis; Lesley Hemphill; John McCord; M. Haran5# PAGES: 37 CANDIDATE TABLE PAGES (1-based): [28, 30, 31, 33, 35, 36]6# ABSTRACT: ABSTRACT Energy performance remains a debated topic in real estate, particularly with reference to the capitalisation effect with property value. An emerging corpus of research studies have investigated the relationship between energy performance characteristics and the role of Energy Performance Certificates. Whilst these studies have consistently demonstrated that a pricing effect exists, some recent studies have shown that Energy Performance Certificates (EPCs) are more complex and inconclusive, particularly when accounting for data limitations and changing model specifications. Moreover, a majority of these studies neglect to adequately account for absolute location and therefore, arguably, do not examine the geographic variation between EPCs and property value across the housing market setting. This study presents one of the first spatial analyses of EPCs using transactions for the Belfast Metropolitan Area. In evaluating whether spatial effects exist between EPCs and house prices, a number of spatial tests are performed and a series of models are developed to account for spatial dependency and determine whether there are any spatially correlating effects. The findings indicate that EPCs comprise a partial effect on house prices, and importantly, there are pricing differentials in the spatial variation in EPCs with the pricing effects conforming to both spatial clustering and randomness.789===== PAGE 1 (score 4, numeric-paren 0, table-words 0, var-words 4) =====1011 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33A spatial analysis of EPCs in The Belfast Metropolitan Area housing market34McCord, M., Lo, D., Davis, P., Hemphill, L., McCord, J., & Haran, M. (2019). A spatial analysis of EPCs in The35Belfast Metropolitan Area housing market. Journal of Property Research, 37(1), 25-61.36https://doi.org/10.1080/09599916.2019.169734537Link to publication record in Ulster University Research Portal38Published in:39Journal of Property Research40Publication Status:41Published (in print/issue): 04/12/201942DOI:4310.1080/09599916.2019.169734544Document Version45Author Accepted version46Document Licence:47Unspecified48For Author Accepted Manuscripts (AAM) published under Ulster University's Rights Retention Policy for Scholarly Works49(RRPSW)50When citing an AAM published under Ulster University's RRPSW please use the following citation structure:51Author, A. A. (Year). Title of article. Journal Name, [Accepted Author Manuscript]. PURE Portal URL. Licensed under CC BY 4.0.52General rights53The copyright and moral rights to the output are retained by the output author(s), unless otherwise stated by the document licence.54Unless otherwise stated, users are permitted to download a copy of the output for personal study or non-commercial research and are55permitted to freely distribute the URL of the output. They are not permitted to alter, reproduce, distribute or make any commercial use of the56output without obtaining the permission of the author(s).57If the document is licenced under Creative Commons, the rights of users of the documents can be found at58https://creativecommons.org/share-your-work/cclicenses/.59Take down policy60The Research Portal is Ulster University's institutional repository that provides access to Ulster's research outputs. Every effort has been61made to ensure that content in the Research Portal does not infringe any person's rights, or applicable UK laws. If you discover content in62the Research Portal that you believe breaches copyright or violates any law, please contact pure-support@ulster.ac.uk63Download date: 21/10/2026646566===== PAGE 28 (score 21, numeric-paren 0, table-words 3, var-words 12) =====6768For Peer Review Only69Tables and Figures70<<< Table 1 Variable Descriptions>>>71Variable72Description73Type74Sale Price75Transaction price76C77In(Price)78Log of transaction price79C80Floor area81Size of Floor area in m282C83Property Type84Type of property (transformed to binary e.g. 1 if Terr; 0 otherwise)85B86Property Age87Age of property (transformed to binary e.g. 1 if Pre1919; 0 otherwise)88B89Heating Type90Type of heating (transformed to binary e.g. 1 if gas; 0 otherwise)91B92 Garage93Garage present (transformed to binary e.g. 1 if Garage; 0 otherwise)94B95EPC score96Energy efficiency score97C98Sale period99Date of sale period (transformed to binary e.g. 1 if Q3 2013; 0 otherwise)100B101Sale Date1102Date of transacted sale 103C104 NB. C = continuous; B = binary. 1For geostatistical (GWR; SLM) models only.105<<< Table 2 Sample representativeness >>>106Variable107Obs.108%109Terrace11040811127.604112Semi-detached11352811435.724115Detached11640811727.604118Apartments1191341209.066121Elec Heat122291231.962124Gas Heat12552312635.385127Oil Heat12891512961.908130Solid Heat131111320.744133NB_Post198013444213529.905136Pre19191371301388.795139Early Modern14038014125.710142Post War14326514417.929145Inter War14626114717.659148No Garage14956915038.498151Garage15290915361.502154<<<Table 3 Descriptive Statistics>>>155Sale Price156(In)Price157Floor Area158EPC159Minimum:16024,50016110.1061623116316164Maximum:165900,00016613.7116744716885169Range:170875,5001713.604172416173691741st Quartile:17590,00017611.4081778517844179Median:180130,00018111.775182104183551843rd Quartile:185197,50018612.19318714118865189Mean:190164,18219111.818192122.7419354.129194S.E. of Mean:1953015.851960.0161971.5431980.391199Std. Deviation:200115,9442010.60520259.3320315.042204Skewness: 2052.3112060.2262071.964208-0.247209Page 26 of 35210URL: http://mc.manuscriptcentral.com/rjpr Email: jpr@abdn.ac.uk211Journal of Property Research212121322143215421652176218721982209221102221122312224132251422615227162281722918230192312023221233222342323524236252372623827239282402924130242312433224433245342463524736248372493825039251402524125342254432554425645257462584725948260492615026251263522645326554266552675626857269582705927160272273274===== PAGE 29 (score 17, numeric-paren 0, table-words 2, var-words 1) =====275276For Peer Review Only277Kurtosis:278-21.991279-0.044280-14.1462811.725282<<<Table 4 Descriptive statistics by property type and age>>>283 284 285Minimum286Maximum287Mean288Std. Dev.289n290Apt291Sold Price29229,500293240,000294110,060.0729540520.94296In Price2974.472985.382995.013000.17301Current EPC302193038430456.0330515.19306134307Detach308Sold Price30954,000310900,000311258,961.27312141154.54313In Price3144.733155.953165.363170.22318Current EPC319193208332154.5432215.02323408324Semi-Detach325Sold Price32644,000327785,000328152,737.2032987120.98330In Price3314.643325.893335.143340.19335Current EPC336183378333853.2633915.03340528341Terr342Sold Price34324,500344675,000345101987.2534666918.32347In Price3484.393495.833504.943510.23352Current EPC353163548535554.2235615.01357408358Inter War359Sold Price36025,000361900,000362162,282.97363132,895.19364In Price3654.43665.953675.093680.31369Current EPC370193718337255.1537315.07374261375Post War376Sold Price37731,000378535,000379144,982.4538080,421.41381In Price3824.493835.733845.13850.23386Current EPC387163888338953.8539015.42391265392Early Modern393Sold Price39424,500395800,000396157,032.48397110,621.80398In Price3994.394005.94015.124020.25403Current EPC404184058540653.6440715.11408380409Pre1919410Sold Price41130,000412785,000413201,084.62414185,275.09415In Price4164.484175.894185.154190.36420Current EPC421184228342352.7442415.41425130426NB-Post1980427Sold Price42844,000429765,000430172,105.7543197,205.79432In Price4334.644345.884355.184360.21437Current EPC438194398444054.5244114.64442442443<<<Table 5 OLS Model Selection procedure sorted by Akaike Information Criterion (AICc)>>>444Model 445Num.446Variables (#)447No. 448Vars449R²450Cond451.452Num453.454AICc455Delta 456AICc457L(gi|x458)459AICc 460wi4613394621, 2, 3, 4, 6, 8, 9, 11, 12, 46313464104650.6746644672.214684469-4701390.844710.4134720.8134730.0234743424751, 2, 3, 4, 6, 8, 9, 1347684770.6747834792.194808481-4821390.754830.5094840.7754850.0224863734871, 2, 3, 4, 6, 9, 1348874890.6749034912.154922493-4941390.654950.6054960.7394970.0214983534991, 2, 3, 4, 6, 8, 11, 12, 1350095010.6750235032.215044505-5061390.155071.1115080.5745090.0165103475111, 2, 3, 4, 6, 8, 10, 11, 1351295130.6751435152.215162517-5181389.815191.4465200.4855210.0145222915231, 2, 3, 4, 6, 7, 8, 11, 1352495250.6752635272.185283529-5301389.775311.4885320.4755330.0135343705351, 2, 3, 4, 6, 9, 11, 1353685370.6753835392.195404541-5421389.775431.495440.4755450.0135463385471, 2, 3, 4, 6, 8, 9, 11, 12, 54813549105500.6755145522.245538554-5551389.765561.4975570.4735580.0135593415601, 2, 3, 4, 6, 8, 9, 12, 1356195620.6756335642.235654566-1389.75671.5595680.4595690.013570Page 27 of 35571URL: http://mc.manuscriptcentral.com/rjpr Email: jpr@abdn.ac.uk572Journal of Property Research573157425753576457755786579758085819582105831158412585135861458715588165891759018591195922059321594225952359624597255982659927600286012960230603316043260533606346073560836609376103861139612406134161442615436164461745618466194762048621496225062351624526255362654627556285662957630586315963260633634635===== PAGE 30 (score 44, numeric-paren 19, table-words 5, var-words 5) =====636637For Peer Review Only6383726391, 2, 3, 4, 6, 9, 12, 1364086410.6764236432.196442645-6461389.676471.5846480.4536490.013650996511, 2, 3, 4, 5, 6, 8, 11, 1365296530.6765436552.206564657-6581389.596591.6726600.4346610.0126623576631, 2, 3, 4, 6, 8, 1366476650.6766626672.166689669-6701389.496711.7656720.4146730.0126742766751, 2, 3, 4, 6, 7, 8, 9, 11, 67613677106780.6767946802.216819682-6831389.326841.9356850.386860.011687NB. Parameter estimates averaged across 8,191 OLS models using Akaike Weights (AICc wi)688#1:FloorArea;#2:Terr;#3:Detach;#4:Apt;#5:Elec;#6:Gas;#7:Solid;#8:Pre1919;#9:Earlymodern;#10:PostWar;#11:InterWar;#12:No 689Garage;#13:EPC690<<<Table 6 OLS semi-logarithmic price model>>>691Model 1692Model 2693Variable694β695t696% Effect697β698t699%Effect700Constant70110.995702253.845***70311.17704279.803***705Floor Area7060.00770734.316***7080.707090.00771033.664***7110.70712TERR713-0.408714-16.6***715-33.5716-0.404717-16.274***718-33.24719DETACH7200.1027213.97***72210.747230.1037243.973***72510.85726APT727-0.092728-2.453***729-8.79730-0.087731-2.176***732-8.30733Pre19197340.067351.732*7366.187370.0647381.758*7396.61740Early Modern741-0.029742-1.279743-2.86744-0.025745-0.978746-2.57747Inter War7480.0377491.4427503.777510.0417521.4397534.19754No Garage755-0.019756-0.971757-1.88758-0.028759-1.134760-2.82761Gas Heat7620.1327636.358***76414.117650.1387666.048***76714.80768EPC score7690.0017702.049**7710.1772EPC Band G773-0.119774-0.945775-11.22776EPC Band F777-0.035778-0.956779-3.44780EPC Band E781-0.003782-0.114783-0.030784EPC Band C7850.0457861.1457874.60788EPC Band B7890.0887903.008***7919.20792N7931,4787941,478795R27960.6747970.674798Adj. R27990.6728000.671801F-stat802303.074***803188.999***804AICc8051075.6418061086.035807***denotes significance at the 1% level; **5% level; * 10% level. %effect = e(β)-1.808Parsimonious model presented. Spatial and temporal dummies are available upon request.809For the Banded model, Band D is the hold-out category. 810<<<Table 7 Semi-log OLS interactive models for property age and type>>>811Model 3812Model 4813Page 28 of 35814URL: http://mc.manuscriptcentral.com/rjpr Email: jpr@abdn.ac.uk815Journal of Property Research816181728183819482058216822782388249825108261182712828138291483015831168321783318834198352083621837228382383924840258412684227843288442984530846318473284833849348503585136852378533885439855408564185742858438594486045861468624786348864498655086651867528685386954870558715687257873588745987560876877878===== PAGE 31 (score 36, numeric-paren 17, table-words 3, var-words 5) =====879880For Peer Review Only881Variable882β883VIF884t885% Effect886β887VIF888t889% Effect890Constant89111.058892362.115***89311.049894368.901***895Floor Area8960.0078971.57389834.486***8990.709000.0079011.56690234.61***9030.70904Terr905-0.4059061.463907-16.586***908-33.50909Detach9100.1039111.6249123.990***91310.85914Apt915-0.0819161.401917-2.173**918-7.78919Terr x EPC920-0.4069211.483922-16.512***923-33.37924Detach x EPC9250.1029261.6249273.971***92810.74929Apt x EPC930-0.0869311.413932-2.308**933-8.24934Pre19199350.0589361.1949371.6619385.97939Early Modern940-0.0299411.201942-1.285943-2.86944Inter War9450.0399461.1949471.5039483.98949Pre1919 x EPC9500.0019511.1689521.986**9530.10954Early Modern x EPC955-0.00079561.159957-0.67958-0.07959Inter War x EPC9600.00089611.1559622.073**9630.08964Gas Heat9650.1319661.2169676.277***96814.009690.1319701.2219716.276***97214.00973No Garage974-0.0189751.058976-0.95977-1.78978-0.0189791.059980-0.947981-1.78982N9831,4789841,478985R29860.6739870.673988Adj. R29890.6719900.671991F-stat992335.552***993335.812***994AICc9951077.8329961077.059997***denotes significance at the 1% level; **5% level.998Parsimonious model presented. Spatial and temporal dummies are available upon request.999 1000Page 29 of 351001URL: http://mc.manuscriptcentral.com/rjpr Email: jpr@abdn.ac.uk1002Journal of Property Research100311004210053100641007510086100971010810119101210101311101412101513101614101715101816101917102018102119102220102321102422102523102624102725102826102927103028103129103230103331103432103533103634103735103836103937104038104139104240104341104442104543104644104745104846104947105048105149105250105351105452105553105654105755105856105957106058106159106260106310641065===== PAGE 32 (score 1, numeric-paren 0, table-words 0, var-words 1) =====10661067For Peer Review Only1068Page 30 of 351069URL: http://mc.manuscriptcentral.com/rjpr Email: jpr@abdn.ac.uk1070Journal of Property Research107111072210733107441075510766107771078810799108010108111108212108313108414108515108616108717108818108919109020109121109222109323109424109525109626109727109828109929110030110131110232110333110434110535110636110737110838110939111040111141111242111343111444111545111646111747111848111949112050112151112252112353112454112555112656112757112858112959113060113111321133===== PAGE 33 (score 60, numeric-paren 40, table-words 2, var-words 4) =====11341135For Peer Review Only1136<<<Table 8 Partial Regression Models>>>1137Variable1138Model 51139Model 6 1140Model 7 1141Model 81142Model 91143Model 101144β1145t1146β1147T1148β1149t1150β1151t1152β1153t1154β1155t1156Constant115710.9841158236.915115911.0621160424.019***116111.0391162419.784***116310.8751164419.864***116511.4711661.781*116711.262116838.189***1169Predictor Set {A}1170Floor Area11710.007117233.83***11730.007117435.798***11750.007117635.511***11770.008117845.47***11790.007118034.19***11810.007118234.573***1183Terr1184-0.4071185-16.47***1186-0.4081187-16.597***1188Detach11890.10311903.987***11910.10111923.916***1193Apt1194-0.0911195-2.337**1196-0.0941197-2.513***1198Pre191911990.06312001.731*12010.13412026.409***1203Early Modern1204-0.0271205-1.02712060.05912071.6991208Inter War12090.0412101.3851211-0.0291212-1.2881213Gas Heat12140.12912156.282***12160.03612171.984**1218Predictor Set {B}1219EPC12200.00112212.037**12220.00112232.155*1224Terr x EPC1225-0.3591226-15.452***1227-0.3841228-16.472***1229-0.4051230-16.466***1231Detach x EPC12320.09112333.509***12340.10312353.983***12360.10312373.983***1238Apt x EPC1239<.00112400.0811241-0.0861242-2.348***1243-0.0881244-2.362***1245Pre1919 x EPC1246-0.1241247-3.337***12480.05812491.6641250Early Modern x EPC1251-0.0081252-0.3341253-0.0291254-1.2741255Inter War x EPC1256<.0011257-0.94612580.03812591.4851260Gas Heat12610.13212626.428***12630.07912643.698***12650.12812666.249***1267X*Y12680.001312690.00812700.0011271-0.871272Y*Y12730.003412741.48112750.00312760.8621277X*X12780.001812790.0312800.00212810.8321282N:12831,47812841,47812851,47812861,47812871,478128814781289R²:12900.67412910.66212920.67112930.58612940.67512950.6731296Adj. R²12970.67212980.66112990.6713000.58513010.67213020.6711303F-stat:1304302.7***1305720***1306600.03***1307521.1***1308202.2***1309274.4***1310AICc13111076.56113121117.813131078.913141416.0913151081.313161081.11317Total {A} 13180.67313190.58313200.58313210.58313220.67413230.6731324Page 31 of 351325URL: http://mc.manuscriptcentral.com/rjpr Email: jpr@abdn.ac.uk1326Journal of Property Research132711328213293133041331513326133371334813359133610133711133812133913134014134115134216134317134418134519134620134721134822134923135024135125135226135327135428135529135630135731135832135933136034136135136236136337136438136539136640136741136842136943137044137145137246137313741375===== PAGE 34 (score 5, numeric-paren 1, table-words 0, var-words 1) =====13761377For Peer Review Only1378Total {B} 13790.00313800.3713810.38913820.00813830.00413840.0021385Total {A+B} 13860.67413870.66213880.67113890.58613900.67413910.6731392[A.B]{A} only13930.6713940.29213950.28213960.58213970.67113980.6711399[A:B] Shared Variance14000.00214010.29114020.3011403<0.00114040.00314050.0011406[B.A]{B} only1407<0.00114080.07914090.08814100.00714110.00114120.0011413[1-(A+B)] Unexplain.14140.32614150.33814160.32914170.4114180.32514190.3271420***denotes significance at the 1% level; ** 5% level; * 10% level.1421Page 32 of 351422URL: http://mc.manuscriptcentral.com/rjpr Email: jpr@abdn.ac.uk1423Journal of Property Research142411425214263142741428514296143071431814329143310143411143512143613143714143815143916144017144118144219144320144421144522144623144724144825144926145027145128145229145330145431145532145633145734145835145936146037146138146239146340146441146542146643146744146845146946147014711472===== PAGE 35 (score 51, numeric-paren 13, table-words 10, var-words 5) =====14731474For Peer Review Only1475<<<Table 9 GWR Model coefficients>>>1476Model 111477Variable1478Minimum1479Lwr. Quartile1480Median1481Upr. Quartile1482Maximum1483Constant148410.6523148510.8884148610.9599148711.0526148811.28861489Floor Area14900.0049814910.0058814920.0065614930.0069414940.009021495Terr1496-0.595631497-0.446091498-0.414861499-0.37311500-0.281551501Detach1502-0.1153715030.0457815040.1097215050.1481415060.291261507Apt1508-0.296141509-0.191281510-0.075771511-0.0295515120.104191513Pre19191514-0.1816715150.0060315160.0835415170.1108815180.252931519Inter War1520-0.076041521-0.0148615220.0099415230.057015240.232411525Early Modern1526-0.141111527-0.082041528-0.041215290.00315300.15311531Gas Heat1532-0.0084815330.0806615340.1300115350.1969615360.282241537EPC Score1538-0.0031415390.0000115400.0022415410.0029415420.004121543N15441,4781545R215460.7201547Adj R215480.7151549F-sat155027.432***1551AICc15521128.3491553NB: Spatial function: Bi-Squared; Adaptive Kernel: 15% neighbours; Optimization using the Golden Section Search and the 1554Akaike Information Criterion (AICc). R2 is a pseudo R2 statistic. ***denotes significance at the 1% level.1555<<<Table 10 GWR Type, Age and Gas EPC Interaction Results>>>1556Model 121557Variable1558Minimum1559Lwr. Quartile1560Median1561Upr. Quartile1562Maximum1563Terr x EPC1564-0.009621565-0.006981566-0.005861567-0.005421568-0.003651569Detach x EPC1570-0.0015415710.0015115720.0022715730.003115740.004561575Apt x EPC1576-0.004551577-0.002031578-0.000215790.0003815800.004571581Pre1919 x EPC1582-0.002915830.0002915840.0016215850.0025615860.00471587Early Modern x EPC1588-0.002791589-0.001111590-0.0003915910.000415920.002951593Inter War x EPC1594-0.0011815950.0002115960.0006215970.0012415980.003161599Gas Heat x EPC1600-0.0002116010.0014316020.0020916030.003316040.005911605NB: Spatial function: Bi-Squared; Adaptive Kernel: 15% neighbours; Optimization using the Golden Section 1606Search and the Akaike Information Criterion (AICc). R2 is a pseudo R2 statistic. ***denotes significance at the 1% 1607level. Only EPC statistics presented, full models are available upon request.1608<<<Table 11 Spatial Lag Models>>>1609 1610Model 13 (Base No lag)1611Model 14 (Base + Lag)11612Model 15 (Base+Lag + EPC)11613Variable1614β1615t1616β1617t1618β1619t1620Constant162110.98291622233.2693***162310.64857162438.1956516258.80623316269.207948***1627Floor Area16280.006611162933.88551***16300.006795163128.6727***16320.006796163328.72439***1634Terr1635-0.3989651636-15.9981***1637-0.360921638-11.56670***1639-0.3630451640-11.64686***1641Detach16420.09908716433.837041***16440.10053316453.242625***16460.10270916473.316137***1648Apt1649-0.0792511650-1.934257*1651-0.0565191652-1.1735861653-0.0577891654-1.2017851655Pre191916560.05444916571.48474616580.03052916590.71068816600.03526416610.8210041662Early Modern1663-0.0206271664-0.79032316650.00746716660.22656916670.00779216680.2368131669Inter War16700.0431916711.49624716720.03030916730.85035616740.02471516750.69241676Page 33 of 351677URL: http://mc.manuscriptcentral.com/rjpr Email: jpr@abdn.ac.uk1678Journal of Property Research167911680216813168241683516846168571686816879168810168911169012169113169214169315169416169517169618169719169820169921170022170123170224170325170426170527170628170729170830170931171032171133171234171335171436171537171638171739171840171941172042172143172244172345172446172547172648172749172850172951173052173153173254173355173456173557173658173759173860173917401741===== PAGE 36 (score 22, numeric-paren 10, table-words 3, var-words 3) =====17421743For Peer Review Only1744Gas Heat17450.12854917466.05882***17470.10879317484.20272817490.1071717504.14469***1751No Garage1752-0.0175091753-0.90713617540.00084117550.03555917560.00188817570.0799521758EPC17590.00124817602.05993**17610.00120417621.671947*17630.03602217642.081373**1765W*𝑷𝒊,𝒋1766 1767 17680.02793917691.19574417700.18426617712.273019**1772W*1773*EPC1774𝑷𝒊,𝒋1775 1776 1777 1778 1779-0.0029521780-2.013548**1781R217820.6147221783 17840.6738181785 17860.6752091787Adj. R217880.6122131789 17900.6696891791 17920.670751793F-stat1794268.903***1795 1796163.1962***1797 1798151.4399***1799AICc18000.7472771801 18020.7158591803 18040.7136681805Log likelihood1806-503.72251807 1808-330.97041809 1810-328.91771811N18129611813961181496118151inverse exponential distance models. ***denotes significance at the 1% level; **5% level; *10% level.1816Figures1817Figure 1 Property EPC scores and bands1818<<<Figure 2 GWR EPC score coefficients>>>1819Page 34 of 351820URL: http://mc.manuscriptcentral.com/rjpr Email: jpr@abdn.ac.uk1821Journal of Property Research182211823218243182541826518276182871829818309183110183211183312183413183514183615183716183817183918184019184120184221184322184423184524184625184726184827184928185029185130185231185332185433185534185635185736185837185938186039186140186241186342186443186544186645186746186847186948187049187150187251187352187453187554187655187756187857187958188059188160188218831884===== PAGE 37 (score 1, numeric-paren 0, table-words 0, var-words 1) =====18851886For Peer Review Only1887<<<Figure 3 Property type, Age and Gas EPC coefficients>>>1888Page 35 of 351889URL: http://mc.manuscriptcentral.com/rjpr Email: jpr@abdn.ac.uk1890Journal of Property Research1891118922189331894418955189661897718988189991900101901111902121903131904141905151906161907171908181909191910201911211912221913231914241915251916261917271918281919291920301921311922321923331924341925351926361927371928381929391930401931411932421933431934441935451936461937471938481939491940501941511942521943531944541945551946561947571948581949591950601951