Library filed under Property Values from Europe

“Irresponsible and shameless exploitation” – new tourism chief takes stand against Navitus Bay

In a statement attacking the proposals, Bournemouth Tourism Management Board also said it was furious that EDF Energy, one of the backers of the Navitus Bay project, was “completely disregarding the environmental and consequential economic impact on the local area and refusing to compensate for the multi-million pound damage local businesses face”.
27 Feb 2015

Gone with the Wind: Valuing the visual impacts of wind turbines through house prices

Sercdp0159_thumb Abstract This study provides quantitative evidence on the local benefits and costs of wind farm developments in England and Wales, focussing on their visual environmental impacts. In the tradition of studies in environmental, public and urban economics, housing costs are used to reveal local preferences for views of wind farm developments. Estimation is based on quasiexperimental research designs that compare price changes occurring in places where wind farms become visible, with price changes in appropriate comparator groups. These comparator groups include places close to wind farms that became visible in the past, or where they will become operational in the future and places close to wind farms sites but where the turbines are hidden by the terrain. All these comparisons suggest that wind farm visibility reduces local house prices, and the implied visual environmental costs are substantial. The conclusions of the report are provided below. The full report can be accessed by clicking the link(s) on this page.
11 Apr 2014

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.”
26 Jan 2014

Wind farms 'can wipe one-third off house prices', MP claims

"An increasing number of people are coming to me with clear evidence that the value of their home is significantly less than what it otherwise would be were the wind farm not there. "I'm seeing a minimum 10 per cent to 15 per cent reduction," he said. "Some are seeing a loss of one-third of the value. How can that be fair?
31 Dec 2013

Wind farm ‘blight’ cutting value of homes by up to 33%, says MP

Westcountry homes close to wind farms have lost up to a third of their value, an MP has claimed as the Government considers paying compensation if developments cause a property price plunge. Geoffrey Cox, Conservative MP for West Devon and Torridge, said constituents have been told by estate agents their homes are worth “significantly less” thanks to giant turbines, and that it is an “injustice” they lose out while developers and land owners potentially pocket millions.
30 Dec 2013

Gone with the wind: valuing the local impacts of wind turbines through house prices

Windfarmsandhousepricesnovember2013v5_thumb This research provides quantitative evidence of the local benefits and costs of wind farm developments in the United Kingdom. In the tradition of studies in environmental, public and urban economics, housing costs are used to reveal local preferences for wind farm development in England and Wales. The authors compared housing price changes in places close to wind farms when wind farms become operational with various comparator groups. These comparator groups include: places close to wind farms that became operational in the past, or where they will become operational in the future; places close to wind farms sites that were refused planning permission; places close to wind farms that are planned or proposed but are not yet operational; and places close to where wind farms became operational but where the turbines are hidden by the terrain. All these comparisons suggest that wind farm developments reduce local house prices. The findings of the paper are provided below. The full paper can be accessed by clicking the links on this page.
1 Nov 2013

Wind farm foiled family’s Italian dream

“We were contacted by the estate agent and he basically informed us there was no point in having this property on the market while this application was going through – it would be almost impossible to sell.” The family spoke to other estate agents and all said their home was unsaleable because of the wind farm plan.
20 Oct 2013

Wind farm misery for property owners; Housing values plummet in shadow of turbine developments

“Estate agents are now advising those wanting to sell their homes to lower the price by 30%. Sadly, some find they cannot sell at all.” Struan Stevenson MEP added: “Some homeowners are suicidal because their homes are worth a fraction of their original cost and many were counting on them for their pensions. The rush to make millions from wind farms is a cruel blow to homeowners whose only crime has been to live in the countryside.”
29 Sep 2013

The Vindication of Don Quixote: The impact of noise and visual pollution from wind turbines on local residents in Denmark

The_vindication_of_don_quixote_ifro_wp_2013_13_thumb This paper examines the negative impacts of turbine view and noise on the sale of residential properties. The authors conclude that "noise and visual pollution from wind turbines have a considerable impact on nearby residential properties." and that "local residents who live in close proximity to these sustainable giants experience some very real negative externalities in the form of noise and visual pollution." The abstract and conclusion of the paper are posted below. The full paper can be accessed by clicking the links on this page.
10 Sep 2013

Proof windfarms will cut Scots house prices

The cottage was valued at £130,000, but after two years she was still unable to find a buyer. In June, when a woman withdrew an offer, she received an email explaining the decision, which reads: "Having spoken to Planning again, re the wind turbines, as 475 metres from the house is close, they have confirmed there will be a ‘whooshing' noise and flicker. ...My solicitor has contacted me this morning and said best avoid it and look for somewhere else."
8 Sep 2013

Ed Davey warned about his department's use of wind farm 'evidence'

The Daily Telegraph has learnt a new Government row over wind farms is blocking a report that could provide official confirmation that the controversial turbines can harm rural areas. ...Chris Heaton-Harris, the Conservative MP for Daventry, said: "There is growing concern over the level of property blight that wind turbines cause. "These are the experts in the industry and they should be listened to."
23 Aug 2013

When a price has to be paid for green energy

Houses very close to wind farms drop in value because they are more difficult to sell and a significant rebate would be some compensation. Whether £400 and a reduction in fuel bills will be regarded as adequate remains to be seen and householders who complain that noise from turbines affects their wellbeing are unlikely to regard any payment as sufficient compensation.
27 Dec 2012

http://www.windaction.org/posts?location=Europe&topic=Property+Values
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