London School of Economics: “Wind turbines hammer property value!”
Jan 26, 2014
“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 the London School of Economics 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%
—Sanchez Manning, MailOnline (1-25-14)
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.
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.
The report’s author, Professor Steve Gibbons, said his research was the first strong evidence that wind farms are harmful to house prices.
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.’