EPC rating and sold prices in SP11 (Test Valley)
In postcode district SP11 (Test Valley), homes rated EPC C or better sold for 11% less per square metre than D–G homes (median £3,133 vs £3,512, 7,196 sales). Like for like — same size, type, build period and year — homes rated C or better sold for 4.3% less (95% range −6.6% to −2.0%). 2 of 4 sectors with enough sales show a difference distinguishable from zero. Data: HM Land Registry to 30 September 2026, EPC register.
From the raw gap to like-for-like
The homes are not alike: C+ homes here have a median floor area of 87 m² against 105 m² for D–G; the most common build period is 2012 onwards for C+ and before 1900 for D–G; 64% of C+ and 74% of D–G sales are detached or semi-detached houses.
| Comparing C+ with D–G homes… | Difference | 95% range |
|---|---|---|
| Raw gap per m² (medians) | −11% | — |
| Whole price, nothing held equal | −25.3% | −27.4% to −23.2% |
| Same floor area | −9.5% | −11.0% to −8.0% |
| + same property type | −9.2% | −10.6% to −7.8% |
| + same build period | −3.4% | −6.0% to −0.8% |
| + same year of sale | −4.3% | −6.6% to −2.0% |
The first row compares median prices per m²; the second compares whole prices; each later row adds one more thing that must be equal, ending with the like-for-like premium (regression of log price; build period from the certificate, 12 bands). The raw gap per m² and the whole-price gap differ because C+ and D–G homes differ in size.
Postcode sectors in SP11
| Sector | Sales | Raw gap | Like-for-like | 95% range |
|---|---|---|---|---|
| SP11 0 | 395 | −12% | too few | — |
| SP11 6 | 4,519 | −24% | −14.9% ▼ | −20.9% to −8.5% |
| SP11 7 | 621 | −5% | −2.5% | −6.6% to +1.9% |
| SP11 8 | 419 | 0% | −7.4% | −14.5% to +0.2% |
| SP11 9 | 1,242 | +12% | +4.4% ▲ | +0.4% to +8.6% |
▲ green: premium distinguishable from zero; ▼ red: discount; plain: no measurable difference. Small areas have fewer sales, so their 95% ranges are wider.
Sold prices by EPC band in SP11
| EPC band (last certificate before sale) | Sales | Median £ per m² |
|---|---|---|
| A | 52 | £3,679 |
| B | 3,801 | £3,112 |
| C | 1,327 | £3,175 |
| D | 1,108 | £3,450 |
| E | 677 | £3,620 |
| F | 195 | £3,588 |
| G | 36 | £3,114 |
A median is shown when a band has at least 10 sales.
How this is calculated
- Every standard sale (HM Land Registry Price Paid, category A) since January 2015 is matched to the latest energy certificate of the same address (postcode + house number or name + flat) lodged from 10 years before to 3 months after the sale; sales with no certificate or an ambiguous match are left out. Across England and Wales 92% of sales match.
- Price per m² uses the certificate's total floor area (15–1,000 m²).
- Like-for-like premium: regression of the log of price on “C or better”, log floor area, property type, the certificate's build period and the year of sale. The 95% range shows how precise the estimate is; when it includes zero, the data cannot tell the premium apart from none.
Caveats
- The band is the one on the certificate before the sale; certificates are a median 0.8 years old at the sale, but a quarter are over 4 years old and some homes were improved since.
- Condition, garden, parking, views and the exact position within the sector are not known; a premium could hide in them, or they could hide one.
- Individual sales and addresses are not shown.