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Forestry 1992 65(3):331-346; doi:10.1093/forestry/65.3.331
© 1992 by Institute of Chartered Foresters
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Amenity Value of Forests in Great Britain and its Impact on the Internal Rate of Return from Forestry

K. G. WILLIS and G. D. GARROD

Countryside Change Unit, Department of Agricultural Economics and Food Marketting, University of Newcastle upon Tyne Newcastle upon Tyne, NE1 7RU, England

The amenity value of trees was measured by observing how house prices varied according to differences in the type, composition, and age of forests and woodland in the neighburhood of each property, holding all other variables constant. Statistically significant differences were detected. Broadleaved trees had a positive effect on house prices, while mature Sitka spruce reduced housing values. The estimated amenity values were incorporated into discounted cash flow rotation models in order to assess the joint value of the timber and amenity values of different rotations. The aggregate wood and amenity value which produced the highest internal rate of return and the largest net present value was the one in which broadleaved oaks replaced Sitka spruce.


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