Wind Turbines and Property Values in the UK
I recently described two statistical studies completed in 2013 attempting to measure the effect of wind turbines on residential property values. One analyzed 48,000 home sales in New England, and was conducted by Professor Cory Lang of the University of Rhode Island. The other analyzed 50,000 sales of homes in 27 counties in nine states. The latter study concluded there was no statistically observable difference in prices between homes located close to wind facilities and those further away. The East Coast study concluded there may be up to .4% diminution in value for homes within one-half mile of a wind turbine.
Perhaps the real estate market in the UK reacts differently to the presence of wind turbines. According to a web article published by The Telegraph today, a study conducted by Professor Steve Gibbons, Director of the London School of Economics, Spatial Economics Research Centre, concluded homes within close proximity of large wind farms lost 11% of their value. The study found homes within a half mile of “much smaller” farms could still lose 7% of their value, and homes within 2.5 miles of large wind farms could experience a price reduction of up to 3%.
The study concentrated on 150 wind farm sites across England and Wales. The report of the study has not yet been completed, but is due to be published next month. It will be interesting to see if these three “mega-studies” are analyzed by a statistician who can critically examine the statistical analysis contained in them. I will report back when the study is published.