Major public works near a house or country estate has an effect on its market value. Some new developments can increase value while others have the potential to detract. Proximity to an airport is seldom a boost to value, because few people take flights enough to benefit. Instead, they must deal with the roar of engines at all times of day and night and must often sound proof the residence.
Whether or not a development affects a market value is entirely determined by human choice. An estate is worth what any one buyer is prepared to pay for it. New developments such as roadways preclude even more building in the future, and so many developers might come to buy existing property. Consumers desire convenience and are often prepared to pay for it, while businesses might offer good money to set up shop near a new suburb.
Civil construction is not only directed by government, but increasingly by businesses. Office buildings are generally located in districts specified by a city or at least near major roadways. The presence of large businesses nearby can have a significant consequence. It means that jobs are nearby, which would make a house valuable for some people, but it also increases traffic if the country way is the solitary means of travel.
Roads and Rail
A nearby motorway frequently improves estate value, because homeownership practically assumes car ownership. Motorways (are supposed to) reduce driving time, save fuel, and simplify navigation to all parts of the city and countryside. While they produce some noise, a home must be in very close proximity in order to suffer from the worst noise and air pollution. Trees and artificial barriers also help to control both.
New railways might boost the prices for housing around stations (in London it is common for houses close to tube stops to have a higher valuation), but it can drop prices in areas close to the track.
Property owners no longer have to worry about the noise and debris from open mines, as strip mining in Britain has all but dried away. These enormous projects can reduce property value for miles about, and few deny it is a sin to break the peace of the countryside. It is important to note that some coal mines do continue to operate, and other minerals continue to be extracted from deposits.
This is a contentious one. Fracking involves horizontally drilling into rock, pumping it with water and cracking the rock, thereby forcing out the oil or gas trapped within. It has revolutionised the economies of many parts of America, bringing jobs and investment to places that sorely lacked. However, it has also been linked to numerous environmental problems and is even thought to have been responsible for an earthquake in Blackpool. Fracking is still in its infancy in the UK, but it does have the potential to affect house prices for many homeowners should the same problems experienced in the US happen in the UK too.
Factories and power plants often have a neutral or slightly negative impact on development. Power plants in particular tend to own large tracts of land about them, in order to reduce the effects of pollution, noise, and potential disasters on people. Their remote locations render them less of a concern to house owners. Factories tend to be concentrated in industrial parks, as specified by law, and prefer metropolitan locations so their employees might live nearby.
As complicated as civil engineering and its effect on the housing market might seem, building is a sign of business and vitality for the nation. Many excellent resources exist to give information, and building firms such as Lagan Construction goes to lengths to explain itself to the public.
Have any of these things had an impact on the value of your home?