High Voltage Overhead Power Lines and Property Values: A Residential Study in the UK
||High Voltage Overhead Power Lines and Property Values: A Residential Study in the UK
||10th European Real Estate Society Conference (10-13 June 2003) Helsinki, Finland
||The effect of electricity distribution equipment, in particular high voltage overhead transmission lines (HVOTLs), on the value of residential property in England remains relatively unexplored due, in part, to the lack of available transaction data for analysis. In addition, property tax bands are too wide to allow small changes in value to be apparent, therefore qualitative analysis is the only statistical tool available to examine the impact of HVOTLs on residential property values. This paper compares the results of two UK studies. The first; a national survey of property valuers perceptions (Chartered Surveyors and members of the National Association of Estate Agents) towards the presence of distribution equipment in close proximity to residential property. The results suggested that the presence of HVOTLs, increased marketing time, reduced the numbers of willing buyers and reduced property value by an average of 7.5%. These results were then compared with an analysis of transaction data from a case study in Scotland which found that the presence of a HVOTL could reduce value by as much as 12% for a 3 bed semi-detached house and 13.3% for a 4 bed detached house. A parallel study of public opinion was carried out to determine attitudes towards the presence of HVOTLs near residential property and the willingness of homeowners to pay to have them removed. This paper presents the initial findings from this study.
||Residential property values; High voltage overhead power lines; Professional and public opinions
Post discussion ...
||Session 4, Applied Housing Market Analysis
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