Two thirds (67 per cent) of estate agents working close to potential fracking sites are warning the controversial technique could bring down house prices and make homes harder to sell. Some sales in areas targeted by fracking companies have already fallen through, say estate agents. Fracking is the name given to the process of extracting […]
Two thirds (67 per cent) of estate agents working close to potential fracking sites are warning the controversial technique could bring down house prices and make homes harder to sell.
Some sales in areas targeted by fracking companies have already fallen through, say estate agents.
Fracking is the name given to the process of extracting gas from underground rocks by pumping water, sand and chemicals into them at high pressure.
Greenpeace UK commissioned a survey of 60 estate agents working close to potential fracking sites in West Sussex, Manchester, and Lancashire. The majority of agents estimate the loss in value to be 8-11 per cent, with two agents putting it as high as 41-70 per cent.
Just over half (54 per cent) of the estate agents surveyed are concerned fracking could reduce property sales. Most of them believe more than one in ten purchases could be affected, with nine agents putting the estimate as high as 25-50 per cent of all sales.
One in four respondents also said home buyers have expressed concerns about the prospect of fracking in the area.
The government has stated there’s no evidence that fracking will affect house prices. But Greenpeace says that ministers have so far refused to publish in full a report believed to contain evidence of the shale industry’s impact on the housing market.
Three quarters of the estate agents interviewed said fracking should not be permitted until more research is done. All but two (97 per cent) also said the government should publish the report in full.
James Nisbet, who lives a few hundred metres from one of the Lancashire sites where energy firm Cuadrilla is seeking to frack, says a few potential buyers have pulled out of purchasing his £375,000 house after learning about the looming energy development.
He commented: “We have had six viewings so far, all with very positive feedback, but no one wants to commit to buying with the fracking shadow hanging over us. And we’re not alone. I’ve been hearing the same story from quite a few people in the area.”
Paula Higgins, chief executive of HomeOwners Alliance, said the government needs to lead an honest and open debate on fracking and its impact on the local community.
She commented: “It’s worrying that homeowners who happen to live in fracking zones are being kept in the dark on how fracking will affect them. Some are already starting to bear the brunt through aborted sales and their homes being devalued.
