News

Fracking will lower house prices – survey

i May 5th 9 Comments by

Fracking-for-shale-gas-in-006[1]Fracking could wipe thousands of pounds off the value of homes in areas where the controversial mining technique is allowed to go ahead.

The first extensive estate agents’ survey in Lancashire, Manchester and Sussex – areas in which energy firms have applied to start extracting shale gas – showed that two thirds of respondents thought house prices would suffer.

The majority of agents thought the loss of value per property could be as much as 10pc, while a handful estimated that prices could fall by up to 70pc.

Read the full report in the Telegraph.

Comments

  1. Peter Storey
    August 13, 2015 at 14:11

    So would that mean that some low paid workers would be able to get on the housing ladder, surly that is a good thing……..

    • Chris Redston
      August 13, 2015 at 14:15

      So you’re arguing that we should bring all house prices down to allow low paid workers to get on the property ladder? If your ‘low paid workers’ would like to live right next to a fracking well-site, then they might be happy with lower prices. If you own a house or land near a well-site, however, you may see this very differently, particularly as the government has just announced that they are planning to push fracking through against the wishes of local communities. Or, put it this way – would you like to live near a fracking site?

  2. Peter Storey
    August 13, 2015 at 14:31

    I don’t see a problem with living close to a fracking site. I think the infrastructure that will be created to cope with the extra jobs will improve areas. Companies go where the money is, so if there are more jobs = more money = better facilities, sounds good to me, and I could buy a bigger house, win win.

  3. Peter Storey
    August 13, 2015 at 14:45

    I will try again. I have no problem living close to a fracking site, I think the benefits of the infrastructure that will be created will be good. Companies go where the money is more jobs = more money = more facilities I think that is a good thing and I can buy a bigger house.

  4. Paula Flynn
    September 15, 2015 at 19:06

    http://www.nappertime.com/wp-content/uploads/2013/09/bladerunner-full.jpg

    Would you care to point out exactly how close your nice big house’ will be to the gas flares ?

    • Chris Redston
      September 15, 2015 at 19:50

      This article is a news story about a house price survey reported in the Telegraph, not any individual’s house, so your question doesn’t seem relevant. Note that the DEFRA Shale Gas Rural Economy Report said the following regarding house prices:
      “House prices in close proximity to the drilling operations are likely to fall. There could be a 7% reduction in property values within one mile of an extraction site.”
      “Those residents owning property close to the drilling site my suffer from lower resale prices due to the negative perception being located near the facility and potential risks.”
      “A study in Texas concluded that house prices valued at more than $250,000 and within 1,000 ft of a well site saw their values decrease by 3-14%.”

  5. moira smith
    October 14, 2015 at 16:22

    So Peter Storey thinks poorer people will be able to buy a bigger house because the area the houses are in has been trashed and polluted . Lets hope he will therefore sell whatever house he is living in at the moment below market value to get the ball rolling . What a hero !

  6. Peter Storey
    October 18, 2015 at 17:57

    So my previous comment were I pointed out that there would not be gas flares, as you only get flares when oil is being drilled for, has been deleted. The areas will not be polluted at all.

    What is disappointing is that you have a website but do not allow free speech.

    • Chris Redston
      October 19, 2015 at 13:53

      Dear Peter, you are incorrect in your assertion that flaring only happens when you drill for oil. There has been extensive flaring, for example, at West Newton in East Yorkshire during the Rathlin exploratory well there. This well was drilled into the shale rock and is looking for gas, not oil. You can see the flaring here: https://www.youtube.com/watch?v=dSvM3SHoEs4
      As for ‘the areas will not be polluted at all’, please see the numerous violations of planning conditions at West Newton:
      http://drillordrop.com/2015/02/05/investigation-what-went-wrong-at-west-newton/