A paper by Sally Sims and Peter Dent of Oxford Brookes University explores this subject, albeit in an urban environment.
They found that if an overhead line is within 100m of a property it reduces the value by up to 17% whereas if a pylon is within 250m of a property it can reduce in value by up to 21% compared with a similar property further away.
Just having a view of a pylon from the front of the house has a negative impact on house prices (-14.4%) although this is reduced to (-7.1%) for a rear view.
Ask yourself; what have I done to deserve this! How much value will my house and my neighbours houses lose collectively and why should I have to accept this? Just the thought of it makes me feel ill.
This is all part of the negative externalities that I blogged about in an earlier post.
Reference: Sims, S. and Dent, P. (2005) High voltage overhead power lines and property values: a residential study in the UK. Urban Studies. Vol.42(4), pp.665-694.
dumgalagainstpylons 
I wonder how much an effect on value having a substation within 200 metres of our homes will have. If the current plan for Newton Stewart goes ahead, that is what many of us in the tiny hamlet of Challoch will be dealing with.
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Thanks for your comment. Wherever there is a substation there are overhead lines and pylons. I would anticipate prices falling around 20% based on the article. Have you calculated, based on the whole hamlet how much loss that will come to? Would be interested to know.
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Not just the fall in value but also the fact that you will probably not be able to sell your house at all. We bought in this area 2 years ago and when house hunting we totally disregarded anything near pylons or power lines despite the fact that the houses ticked every other box on our list.
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