Sally Sims
1, Peter Dent
2 and G. Reza Oskrochi
3.
MODELLING THE IMPACT OF WIND FARMS ON HOUSE PRICES IN THE UK // International journal of strategic property management. Vilnius: Technika, 2008, Vol. 12, No. 4 , p. 251-269.
www.harriscompanyrec.com/windstudyuk.pdf : 10.3846/1648-715X.2008.12.251-269
1 Department of Real Estate and Construction, School of the Built Environment, Oxford Brookes University, Headington, Oxford, UK; 2 Department of Real Estate and Construction, School of the Built Environment, Oxford Brookes University, Headington, Oxford, UK; 3 Department of Mathematical Sciences, School of Technology, Oxford Brookes University, Wheatley, Oxford, UK
Abstract.This paper discusses the findings from a UK study to determine the likely impact of a wind farm on house prices using a hedonic pricing model. The Government’s commitment to wind power has resulted in a massive increase in the number of wind farms sited in the UK. This has led to concerns that their visual and aural presence could have a negative impact on proximate house prices. This paper presents an analysis of 201sales transactions from houses situated within half a mile of a 16 turbine wind farm in Cornwall, UK. Whilst no causal link was established between the presence of the wind farm and house price, there was some evidence to suggest that both noise and flicker from the turbine blades could blight certain property and that the view of countryside enjoyed by the occupier had some value which may be affected by a wind farm.
Keywords: Property stigma; Residential values; Wind-power; Renewable energy; Hedonic
