The only 'compensation' you might be able to get for a loss of value is a lowering of your Council Tax band (assuming that it's currently above the lowest one anyway).
The band is based upon the open market value of your property on 1 April 1991 (or a notional value upon that date if it was constructed later on). However if, since 1991, there has been a 'material reduction' in the value of the property [defined as "any reduction in the value of the dwelling caused by . . . any change in the physical state of the dwellings locality (eg. the opening of a motorway)] then a new assessment of the open market value of the property (based upon the new surroundings of the property but still using 1991 house prices) can take place, possibly resulting in the property being placed in a lower Council Tax band.
To apply for a reassessment of the property's value (for Council Tax purposes) you simply need to fill in this form
http://app.voa.gov.uk/council_tax/appeal_forms/ct-proposal-form.pdf
and post it to the relevant VOA office:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/506199/Council_Tax_VOA_contact_map.pdf
(There's no fee to be paid).