independent

Saturday 19 April 2014

Auctioneers claim houses near pylons will lose value

Houses in the shadow of pylons ‘will drop in value', according to auctioneers

AUCTIONEERS based along EirGrid's controversial national pylon routes have condemned the project, claiming it devalues properties and delays sales along the potential corridors.

Members of the Real Estate Alliance (REA) from Kilkenny, Tipperary and Carlow said that the proposed Gridlink routes, involving an estimated 750 pylons, some 43 metre in height, would cause the price of land to fall permanently along the chosen route.

The auctioneers warned property along the potential corridors has become increasingly hard to sell.

"It is our opinion that close proximity to pylon-borne power lines reduces the values of all properties enormously for perceived health reasons," the group wrote in its submission to Eirgrid's public consultation process.

"Whether those reasons are valid or not is not relevant. The fact is that buyers stay away from power lines. Severe discounting compared to similar properties is needed to sell."

The final route is expected to run between Knockraha, Co Cork; Great Island, Co Waterford; and Dunstown, Co Kildare and REA said it was advising clients and communities "that this project will damage property values enormously".

"In valuing a property, all banks ask on their pro-forma valuation reports about existing or prospective developments that may injure the value of the property," the auctioneers said.

ROUTES

"We feel we must disclose a development such as Gridlink as a negative factor on these valuation reports," they stated.

REA said it was aware of a number of properties along proposed routes which have been devalued, or for which the sales process has been brought to a standstill, as a result of Eirgrid's Gridlink plans and public consultation process.

"We are already aware of a proposed sale to a UK resident of a house on Route D6 where the buyer has refused to sign the contract until they know whether or not the property is on the selected route," the group added.

Irish Independent

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