Will a planning application for a new housing development affect the value nearby homes?
So should you worry about the effect on the price of your house – or one you are considering buying?
The general consensus is that once building gets underway and certainly when the development is finished, the local community general accepts the changes.
One study actually found that the planning conditions and potential additional amenities tied in to new housing developments helped to push house prices up.
Of course the effect on the value of surrounding houses will be affected by the type of housing and what the land had been used for before.
Do your research
When choosing to buy a house in an area where there is a planning application sitting with the council it is wise to study that and read local press articles relating to any campaigns surrounding it.
Armed with the correct information you should be in a position to decide whether the development would have a long-term affect on the value of the property you want to buy.
Sellers are asked to share any knowledge they have about planning applications in the TA6 form, which should hopefully flag up any issues ahead of a buyer committing to the purchase.