Articles 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.
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 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.’
“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.”
The Daily Telegraph last month disclosed that Mr Paterson, the Environment Secretary, had compiled a study about how turbines impact the rural economy. ...As a result of the intervention by Mr Davey, the study will now look at the impact of all renewable energy sources on the rural economy, including fracking.
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."
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."
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.
The loss-of-value clause was passed by parliment in 2008 at the urging of Dansk Folkeparti (DF) and gave neighbours to wind turbines the opportunity to seek financial compensation for lost property value. Fifty-three percent of applicants have received compensation, but those that have had money awarded say the amount did not come close to reflecting the actual value.