Research in Ontario on values of properties neighbouring wind power projects show a a range of loss on the order of 20-48%, as has been reported here.
The London School of Economics is about to publish a study based on transaction for properties near 150 wind “farms” studied over a 12-year period, which finds significant value loss.
Property value loss has been a hot-button issue for the wind power lobby, probably because it is proveable, and is a negative side effect of wind power projects, which can be very invasive in communities. The study is a sharp contrast to studies done by Ben Hoen in the United States, usually at the behest of and with funding from the wind power lobby. Mr Hoen famously produced a study claiming to have looked at over 7,000 properties—that was roundly criticized by people who know something about real property (Sunak & Madlener, Wilson, more).
This is just a preliminary news story; we look forward to reading the whole study on its release.
Property value loss in North Gower due to the proximity of the huge wind turbines (over 500 feet in height) to 1,000 homes, is estimated to be $134 million.
Donations to help us with legal advice are welcome; send to PO Box 3, North Gower ON K0A 2T0
Proof wind turbines take thousands off your home: Value of houses within 1.2 miles of large wind farms slashed by 11%, study finds
- Study by LSE found value of homes close to wind farms slashed by 11%
- Home that costs £250,000 would lose £27,000 in value
- Homes as far at two-and-a-half miles away could be reduced by 3%
PUBLISHED: 23:59 GMT, 25 January 2014 | UPDATED: 15:45 GMT, 26 January 2014
The presence of wind turbines near homes has wiped tens of thousands of pounds off their value, according to the first major study into the impact the eyesore structures have on house prices.
The study by the London School of Economics (LSE) – which looked at more than a million sales of properties close to wind farm sites over a 12-year period – found that values of homes within 1.2 miles of large wind farms were being slashed by about 11 per cent.
This means that if such a wind farm were near an average house in Britain, which now costs almost £250,000, it would lose more than £27,000 in value.
Homes located within 1.2miles of wind farms can decrease in value by up to 11 per cent, a study has discovered
In sought-after rural idylls where property prices are higher, the financial damage is even more substantial. In villages around one of Southern England’s largest onshore developments – Little Cheyne Court Wind Farm in Romney Marsh, Kent, where homes can cost close to £1 million – house values could drop by more than £100,000.
The study further discovered that even a small wind farm that blighted views would hit house values.
Homes within half a mile of such visible turbines could be reduced in value by about seven per cent.
Even those in a two-and-a-half-mile radius experienced price reductions of around three per cent.
Homes within a two-and-a-half mile radius could see reductions of up to three per cent
The report’s author, Professor Steve Gibbons, said his research was the first strong evidence that wind farms are harmful to house prices.
MORE ‘GREEN C**P’ TO BE CUT AS CARBON TAX IS SLASHED
Green taxes are set to be frozen to reduce soaring energy bills.
Whitehall sources say the Government is preparing to put the brakes on the ‘carbon tax’ on greenhouse-gas emissions, with an announcement expected in the Budget in March.
Prime Minister David Cameron has reportedly instructed aides to ‘get rid of all this green c**p’ to reduce energy bills, which currently average £1,350 a year.
Prof Gibbons, director of the LSE’s Spatial Economics Research Centre, said: ‘Property prices are going up in places where they’re not visible and down in the places where they are.’
The study, which is still in draft form but is due to be published next month, focused on 150 wind-farm sites across England and Wales. It compared house-price changes in areas that had wind farms, were about to see one built or had seen one rejected by the local authority.
Last night Chris-Heaton Harris, MP for Daventry, said: ‘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?’
And Bob Ward, policy and communications director at the Grantham Research Institute on Climate Change and the Environment at the LSE, said: ‘These results are not really surprising as it is already known that people place a value on countryside views.’
A Department for Energy and Climate Change spokesman said: ‘Developments will only get permission where impacts are acceptable.’
A spokesman for Renewables UK, which represents the wind industry, said: ‘We will be analysing the conclusions closely when the final report is issued.’