Library filed under Property Values from Europe
There were 14 residential properties within two kilometres of the site and three in particular were likely to experience overbearing impacts.The fact that the turbines would be widely and evenly spaced would serve to emphasise their dominating impact, she opined. Therefore, although none of the owners had a right to a view, their amenity would be significantly compromised and the ability to generate up to 15MW of electricity per year did not outweigh the harm.
This paper examines the impact of wind turbines on residential property values. The abstract of the paper is provided below. The full paper can be accessed at the document link(s) on this page.
A study by the RWI - Leibniz Institute for Economic Research shows that wind turbines can lead to falling prices of single family homes in the immediate vicinity. The value of a house one kilometer away from a wind turbine drops on average by a good 7 percent. For the study, the RWI has evaluated almost 3 million sales offers
A green energy trade body has warned Scottish floating wind farm projects are at risk unless the UK Government makes a “simple, minor change”. Under current rules, floating wind power developers will not qualify for subsidies unless their projects start generating electricity by October.
A court ruled in the couples’ favor, confirming the proposed wind farm clearly had the possibility of impacting on both the future value and the buyers’ enjoyment of their new home. The solicitors were found to be negligent in failing to inform their clients about these plans and as a result the buyers received a substantial compensation settlement.
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”.
The authors of this paper examine the impacts of siting turbines on nearby housing prices. The summary and conclusion of the paper are provided below. The full paper can be accessed by selecting the document links on this page.
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.
The LSE’s study found that properties within a 2km radius of a wind farm have been typically been sold for 12% lower than their actual valuation, though houses as far away as 14km are estimated to have been adversely affected in recent times.
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.”
Jo Fagan thought she had sold her house in the village, but was amazed to receive a letter from her estate agent saying the sale would not happen because of the proposed five-turbine wind farm at Hough Grange Farm, Hough on the Hill.
"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?
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.
'Three huge turbines are visible when gazing across the gardens from the bay windows in the chateau’s grand salon. ‘Every day we have to suffer the visual and noise pollution. I can see the turbines from everywhere in the house, from every room.’
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.
“Although they are not as universally hated as things like electricity pylons, which are an absolute no-no for buyers, they can be a big negative for many people,” he said. ...The average price of a house in the UK – £242,415 – would fall to around £223,000 if a wind farm were to be built nearby.
“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.
Resident Margaret Moor, who has lived in the village for 16 years, added: "The company is offering to put £50,000 a year into the area but that's just them trying to buy us. "Nobody wants a wind farm here and the turbines are taller than in other areas because they need to be able to reach the winds coming over the Wolds."
“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.”