A new report released by The Centre for Economics and Business Research (Cebr) and RenewableUK (RUK) sheds some interesting light on the correlation between wind turbines and property values. The results? There is “no negative impact within 5km of a wind farm installation.”
The study was thorough and used three tests to determine whether or not a wind farm had any significant impact on housing prices:
“Test 1: Over the period between announcement of plans to construct wind farm and present day – no statistically significant difference and no negative impact on house price growth within 5km of a wind farm;
Test 2: Over the period between start of construction and present day – statistically significant positive impact on house price growth found within 5km of a wind farm;
Test 3: Over the period between wind farm completion and present day – statistically significant positive impact on house price growth found within 5km of a wind farm.”
Not only was there no negative impacts, but there were actually statistically significant positive impacts found on housing prices.
The report looked at Land Registry data from 1995-2013 at every stage of wind farm development, from announcement to years after operation, and used “82,000 property transactions, all within a 5 kilometre radius of 7 wind farms throughout England and Wales, typically covering areas of 79 square kilometres per site.”
RenewableUK’s Chief Executive Maria McCaffery said, “This is the first deep dive into real data on this issue. At last we have a detailed independent analysis into what actually happens to property prices before, during and after wind farms are constructed, over a period of nearly twenty years.
“Having analysed more than 82,000 property transactions the report concluded that local house prices continue to perform just as they would have done whether or not the wind farm had been built, remaining in step with what’s happening to average house prices in the county as a whole.
“This remains true at every stage of the process – when plans to construct a wind farm are announced, when construction begins, when the wind farm goes operational and after it has been installed. This shows that claims that wind farms might have a negative effect on house prices are unfounded.
“In fact, wind farms generate significant economic benefits for local communities, by creating local jobs and providing local contracts in rural areas where they’re needed most. In addition to generating clean and sustainable energy they also provide tens of thousands of pounds every year in community funds to improve local infrastructure and much-needed community facilities which help to maintain local property prices”.
So what do you think… is it surprising to find a positive correlation between wind turbines and property values? Leave a comment down below letting me know your thoughts.