In the study, the authors undertook a price comparison of recent house and apartment sales in 20 towns and cities of France and the impact of the energy rating on the sale price.
They found an average price difference of up to €250,000 between those houses with the lowest (F or G) rating and the highest (A or B) rating.
Highest discounts for houses were found in Bordeaux and Lyon, where the difference between similar properties with an A or B rating and those with a F or G rating averaged over €1,000m². In Paris the authors noted no difference, considering that it was a niche market in high demand, amongst buyers for whom the energy rating was not an important factor.
The table below shows the average price of houses (150m²) sold with an A or B rating compared to those sold with an F or G rating, and the resultant price difference. Thus, in Bordeaux a house sold for €755,800 with an A or B rating, sold for €501,637 with an F or G rating, a discount of €254,163.
It was also a very similar picture for apartments, with price difference of up to 20% between the worst and best properties, as can be seen from the table below, which compares the selling price of apartments measuring 40m².
On this occasion, the largest differences were in Lille (nearly €50,000) whilst the lowest was in Nantes (approx €18,000).
Unsurprisingly, the report explains that the expected energy costs and the extent of the work to be carried out "holds back buyers and increases their negotiation margin".
This is even more noticeable for houses: "larger, more exposed to temperature variations, often heated individually, they consume more energy".
However, some caution is needed in interpreting the results of the study. Although the sale figures are those provided by the notaires (for 2023), there are likely to be other factors that will have contributed to the prices differences, such as the age and condition of the property, with older properties performing worse.
Nevertheless, the energy rating can no longer to be neglected. Jean-Régis de Vauplane, spokesperson for Ithaque, the renovation consultants who undertook the study states that “the energy efficiency rating has become the second most regularly requested piece of information, after the price of the property.”
Since 1st January 2025 properties classed G energy rating can no longer be used for annual lettings. In 2028, the same will apply for F classed properties in 2028.
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