Sally Sims

Property stigma: wind farms are just the latest fashion

Purpose – The Governments aim to curb CO2 emissions from energy production has resulted in the growth of a new environmental feature; the wind turbine. Whilst this may help tackle climate change, there is concern that the visual and aural presence of these turbines could have a negative impact on house prices. Opinion studies undertaken within the UK appear to show significant variations in attitudes towards wind farms in different locations (in particular between Scotland and southern England) and at different stages during the development process. However, to date, no research has established the actual impact on proximate house values. Therefore, the purpose of this study, sponsored by the RICS, is to develop a methodology to measure the likely impact of onshore wind farms on house prices in the UK.Design/methodology/approach – This study focused on residential property surrounding two wind farms in Cornwall. Transaction data for 1,052 house sales completed between 2000 and 2004 were obtained and anal...

Is there a demand for sustainable offices? An analysis of UK business occupier moves (2006–2008)

‘Sustainable’ or ‘green’ commercial buildings are frequently seen as a growth sector in the property investment market. This research examines the emergence of sustainable commercial buildings in both the UK and overseas. The empirical part of the paper is based on a telephone survey of 50 UK corporate (private sector) occupiers taking leased and owner–occupied office space, which was carried out during the period of April to November 2008. The survey focused on actual moves made within the previous two years, or moves that were imminent during 2006–2008. The research suggests that although there is an emerging and increasing demand for sustainable offices in the UK, other factors such as location and availability of stock continue to remain more important than sustainability in determining occupiers’ final choice of office. Occupiers who moved to a Building Research Establishment Environmental Assessment Method (BREEAM)‐rated building, and were in business sectors with strong environmental and corporate responsibility policies, placed more emphasis on sustainability than other groups in the final choice of office, but location and availability remained paramount.

Calculating the cost of overheads: the real impact of HVOTLs on house price

Purpose – The purpose of this paper is to establish whether or not asking price can provide a reliable indication of the impact of a negative externality when transaction data are scarce.Design/methodology/approach – Until recently, transaction data within the UK were either unobtainable or expensive. Subsequently, an analysis of the value impacts of living near negative externalities (such as high voltage overhead power lines (HVOTL)) relies almost entirely on valuer expertise. Since behavioural research suggests that valuers often anchor to asking price which, in theory, is based on the selling agents opinion of the likely transaction value of a property, the argument is made that “asking price” provides a reliable indication of the impact of a negative externality when transaction data are scarce. This theory is tested through an analysis of the real versus perceived impacts of an HVOTL on proximate house prices.Findings – The results, whilst providing additional evidence to support the relationship b...

Cashing in on the green machine: are developers in the UK missing out?

Purpose – The purpose of this paper is to explore the reasons behind the apparent reluctance of UK residential developers to embrace microgeneration technology and adopt it large‐scale across their developments despite consumer demand for post‐construction microgeneration technologies. This paper explores residential developers’ attitudes towards these technologies, their perceptions of drivers and barriers to sustainability, supply and demand issues and perceptions of the potential contribution that microgeneration technologies could make towards sustainable construction across the UK.Design/methodological/approach – This paper reports on the findings from 12 telephone interviews with UK residential developers which were carried out in May 2007.Findings – The main driver towards sustainability was legislation. The most favoured microgeneration technology amongst developers was solar thermal, as it was perceived to be the most established microgeneration technology. Barriers towards adopting this technolo...