What’s more, property prices around operating power stations have, in a number of instances, experienced a slower pace of price growth.
eMoov compiled the average property prices from five areas with retired power stations to measure them against the regional price increases over five years starting during the year of closure. They also compared all six areas with operating power plants across England with the five inactive sites during the same time period.
The data shows that shutting down power stations has positively impacted property prices in England, most notably in Sellafield, in the North-West. The average property price rose by +94% within the five year period from closure in 2003 until 2008. The average property price in the area has increased by nearly double in this five year time period compared to the North-West region, where prices increased by +65%.=
Sizewell A in the Suffolk Coastal area was decommissioned in 2006, and the local property value jumped by +7% in the five years leading to 2011, while the regional average in the East of England only increased by +1%. However, in 1995 Sizewell B opened to operate a single presurised water reactor, and continues to be active today. All other operating power stations in England saw a decrease in property value from 2006 and 2011, yet Suffolk Coastal increased by +7% despite a section of the power station remaining active.
Romney Marsh is also home to active site Dungeness B, and retired nuclear site Dungeness A, which was closed in 2006. Both Romney Marsh and the areas of the country with active nuclear sites saw decreases between 2006 and 2011. However, the property prices in Romney Marsh only saw a -4% decrease, while 5 out of 7 of the areas with operating nuclear power stations saw price decreases by a larger amount between those same years.
Property prices between 2002, when Bradwell-on-Sea closed, and 2007 increased by +60% (£85,528), which is higher than the regional average of +54% in the South-East. Similarly, Hinkley Point A in the South-West jumped by +106% in the five years following closure, 2000 to 2005, while the rise in the regional average was lower at +98%. However, in both cases the property increase surrounding active nuclear sites actually saw a larger increase when compared to these two decommissioned sites.
It is clear that there is a correlation between property price and the presence of nuclear power stations in communities. The rise in property value following a closure when compared to the rest of the region demonstrates that homeowners are less attracted to investing in property near an operating nuclear site but are more willing to buy property after a power station is decommissioned.
Russell Quirk, founder and CEO of eMoov.co.uk, had this to say: “Homeowners in the areas in question will no doubt have welcomed the news that the nuclear sites were shutting down. With past nuclear disasters elsewhere around the world, the mere thought of one close to home is a frightening prospect, so you can see why people are cautious about living within close proximity of them.
