PROPERTY STIGMA: JUST THE LATEST FASHION

Peter Dent, Dan Rapson and Sally Sims

ERES from European Real Estate Society (ERES)

Abstract: Since the Kyoto Protocol, established in 1997, the UK government has been committed to reducing greenhouse gases, in particular carbon dioxide (CO2) known to be a major contributor to climate change (global warming). To facilitate this, the DTI published the Energy White Paper in February 2003 and set a ëvery ambition goalí of reducing CO2 emissions by 20% based on 1990 levels by the year 2010. Part of its strategy is to reduce CO2 emissions from energy production by developing renewable energy production. Whilst there are a number of alternative renewable energy sources, the government has focussed on wind power due to the abundance of suitably windy sites within the UK (both on and off shore). The growth in this technology, whilst appearing to offer many advantages, has raised public concern about the impact that the visual and aural presence of these turbines may have on property values, particularly since the number of wind turbines sited around the UK continues to rise. This issue was recently highlighted in the media after a compensation claim was successfully won by a buyer who had not been made aware of the existence of planning permission for a wind turbine next to the home he had just purchased Whilst there have been a number of opinion studies undertaken within the UK which appear to show significant variations between locations (in particular between Scotland and southern England) and at different stages during the development process. To date, no research has established the actual impact on proximate house values. This study, therefore, seeks to establish the likely impact of onshore wind farms on residential property values in the UK.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2006-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2006_169

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