Wind turbines built close to homes could wipe tens of thousands of pounds off their value, a new study has claimed.
The research, by the London School of Economics, looked at more than a million sales of properties close to wind farm sites over a 12-year period and found values of homes within 1.2 miles of large wind farms were being slashed by about 11 per cent.
If a wind farm was built near a home, which now costs almost £250,000, it would lose more than £27,000 in value, according to the study.
And today, a residents’ group living close to a proposed wind farm development, off Band Lane, St Michael’s, supported the findings. RWE npower Renewables hopes to build seven 125-metre high wind turbines on the land, but faces opposition from neighbours who claim the scheme will destroy their beautiful views.
Jan Hallam, of the concerned residents of St Michael’s-on-Wyre group, said: “It is encouraging to note the outcome of the recent longitudinal study undertaken by the LSE in to the impact of wind turbines on house prices.
“It is clear the anecdotal evidence cited by the many householders affected in this way can now be backed up by valid and reliable data.”
Representing the wind energy industry, Jennifer Webber, Renewable UK director of public affairs, said: “Renewable UK will be analysing the conclusions of this work closely when the final report is published.
Previous fully completed work in the UK and abroad over a number of years has failed to find a direct link between wind farms and house prices, with a 2007 Royal Institute of Chartered Surveyors report stating, ‘Despite initial evidence there was an effect, there were generally other factors which were more significant than the presence of a wind farm’.”“What we do know is that wind farms bring hundreds of thousands of pounds worth of economic benefits to the area, via contracts and community benefit funds which can revitalise local amenities, making locations more attractive for house buyers.”