A hedonic modelling of the effects of flood risk and energy efficiency on property value: cross-regional and sociodemographic evidence *
利用英格兰大型抵押贷款数据，研究发现洪水风险对房产价值有负面影响，但可负担的洪水保险政策消除了这一影响，且主要惠及最富有、年长和农村群体；能源效率高的房产价值更高，但在最富裕地区不成立。
Using a large proprietary mortgages dataset, we investigate how the effects of flood risk and energy efficiency on property value vary across sociodemographic segments and regions in England. We find that while flood risk tends to negatively impact property value, policy interventions aimed at making flood risk insurance affordable essentially eliminate the negative effects of flood risk on property value. However, this effect largely favours the wealthiest, older, and rural sociodemographic segments of the population. Furthermore, for these groups, the effect of flood risk on property value is consistently positive in both statistical and economic terms. This appears linked to the challenge fully disentangling the characteristics that make the properties acquired by the wealthier segments of the population desirable, such as proximity to water bodies and access to flood plains, from flood risk presents. We also show that although properties with higher energy efficiency certification are valued higher than those with lower energy efficiency rating across all English regions, this is not the case for properties located in the wealthiest sociodemographic areas. This could be linked to many of these properties being stately, large, and/or old, characteristics suggesting energy efficiency may not be a crucial purchase factor for wealthier owners.