The initial impacts of Minimum Energy Efficiency Standards (MEES) in England

IF 1.6 Q3 BUSINESS, FINANCE Journal of Property Investment & Finance Pub Date : 2020-04-30 DOI:10.1108/jpif-01-2020-0013
S. Sayce, Syeda Marjia Hossain
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引用次数: 2

Abstract

PurposeThe paper investigates the initial impacts on asset management and valuation practice of the Minimum Energy Efficiency Standard (MEES) introduced in England and Wales from April 2018 for new lettings.Design/methodology/approachThe paper reports findings from a small-scale pilot study of valuers, asset managers, lawyers and building consultants. Interviews were conducted over the summer of 2019 and explored the impact on practice and market values and perceived links to the carbon reduction agenda. Data were analysed thematically manually and using NVivo software.FindingsParticipants welcomed MEES but many had doubts about the use of energy performance certificates (EPCs) as the appropriate baseline measure. Compliance was perceived as too easy; further, enforcement is not occurring. Vanguard investors have aligned portfolios for carbon reduction; others have not. Lease practices are changing with landlords seeking greater control over tenant behaviours. Valuers reported that whilst MEES consideration is embedded in due diligence processes, there is limited value impact.Research limitations/implicationsThe study is limited by its small-scale and that the MEES regulations are not yet fully implemented. However, the research provides early findings and lays out recommendations for future research by identifying areas in which the regulations are/are not proving effective to date.Practical implicationsThe findings will inform investors, consultants and policy makers.Social implicationsAchieving energy efficiency in buildings is critical to driving down carbon emission; it also has economic and social benefits through cost savings and reducing fuel poverty.Originality/valueBelieved to be the first post-implementation qualitative study of MEES.
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英国最低能源效率标准(MEES)的初步影响
目的本文调查了自2018年4月起在英格兰和威尔士为新租赁引入的最低能效标准(MEES)对资产管理和估值实践的初步影响。设计/方法/方法该论文报告了对估价师、资产管理人、律师和建筑顾问进行的小规模试点研究的结果。访谈于2019年夏天进行,探讨了对实践和市场价值的影响,以及与碳减排议程的感知联系。使用NVivo软件手动对数据进行主题分析。调查结果参与者对MEES表示欢迎,但许多人对使用能源性能证书(EPC)作为适当的基线衡量标准表示怀疑。遵守规定被认为过于容易;此外,强制执行并未发生。先锋投资者已经调整了碳减排投资组合;其他人没有。随着房东寻求对租户行为的更大控制,租赁做法正在发生变化。估价师报告称,虽然MEES考虑因素嵌入尽职调查过程,但价值影响有限。研究局限性/含义该研究受其小规模和MEES法规尚未完全实施的限制。然而,这项研究提供了早期发现,并通过确定迄今为止证明法规有效的领域,为未来的研究提出了建议。实际意义研究结果将为投资者、顾问和政策制定者提供信息。社会影响实现建筑能效对降低碳排放至关重要;它还通过节省成本和减少燃料匮乏带来了经济和社会效益。独创性/价值被认为是MEES实施后的第一次定性研究。
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来源期刊
CiteScore
3.50
自引率
23.10%
发文量
33
期刊介绍: Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences
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