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Wind farms proven to cut house prices by 11%, says LSE report

The study, by the London School of Economics (LSE), reviewed more than a million homes within close proximity of large wind farms over a 12-year period, finding that their property values fell by 11 per cent. According to Professor Steve Gibbons, Director of LSE’s Spatial Economics Research Centre, "Property prices are going up in places where they’re not visible and down in the places where they are.”

An average UK house costing 250,000 within 12 miles of a wind farm can lose 27,000 of its value, report says

Wind turbines are slashing the value of homes built nearby, according to a new study into the impact of the large structures on property prices.

The study, by the London School of Economics (LSE), reviewed more than a million homes within close proximity of large wind farms over a 12-year period, finding that their property values fell by 11 per cent.

The report’s author, Professor Steve Gibbons, Director of LSE’s Spatial Economics Research Centre, told the the Daily Mail: "Property prices are going up in places where they’re not visible and down in the places where they are.”

He stated that his research is the first powerful evidence that wind farms are detrimental to house prices.

With the average UK house price being 250,000, the loss of value if within 12 miles of a wind farm would be 27,000.

Neighbouring homes to one of Britain’s largest onshore wind farms, Little Cheyne Court Wind Farm in Romney Marsh, Kent, could lose up to 100,000 in value due to the alternative energy source.

It is not only homes near large wind farms, but those... more [truncated due to possible copyright]  

An average UK house costing £250,000 within 12 miles of a wind farm can lose £27,000 of its value, report says

Wind turbines are slashing the value of homes built nearby, according to a new study into the impact of the large structures on property prices.

The study, by the London School of Economics (LSE), reviewed more than a million homes within close proximity of large wind farms over a 12-year period, finding that their property values fell by 11 per cent.

The report’s author, Professor Steve Gibbons, Director of LSE’s Spatial Economics Research Centre, told the the Daily Mail: "Property prices are going up in places where they’re not visible and down in the places where they are.”

He stated that his research is the first powerful evidence that wind farms are detrimental to house prices.

With the average UK house price being £250,000, the loss of value if within 12 miles of a wind farm would be £27,000.

Neighbouring homes to one of Britain’s largest onshore wind farms, Little Cheyne Court Wind Farm in Romney Marsh, Kent, could lose up to £100,000 in value due to the alternative energy source.

It is not only homes near large wind farms, but those situated within half a mile of much smaller farms could still lose 7 per cent of their property value due to blighted views.

The report additionally found that homes within 2.5 miles of large wind farms could experience a price reduction of up to 3 per cent.

Yesterday evening, Chris Heaton Harris - MP for Daventry - backed the report’s findings:

“There’s plenty of anecdotal evidence – especially in my constituency – of house price reductions near wind turbines.

“The question is, will anybody be liable for these losses in future?”

Renewables UK, the public representatives for the British Wind industry said it had yet to pass judgement on the report.

A spokesperson said: “We will be analysing the conclusions closely when the final report is issued.”

The study is due to be published next month and has concentrated on 150 wind farm sites across England and Wales.
 
        
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Source: http://www.telegraph.co.uk/...

JAN 26 2014
http://www.windaction.org/posts/39624-wind-farms-proven-to-cut-house-prices-by-11-says-lse-report
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