Controversial Fracking Plans Now Affecting Property Prices
Despite the boom in the UK property market across the south-east of Britain there is trouble brewing for homeowners that are close to potential fracking sites. Reports from estate agents close to potential sites have already reported a lack of interest from buyers.
The controversial process that has had a lot of bad press recently because of the technique used to extract shale oil from deep underground. It is making homes much harder to sell and this is going to reduce asking prices by tens of thousands of pounds according to estate agents.
Greenpeace carries out survey of estate agents inear fracking sites
A recent survey carried out by greenpeace in Manchester, West Sussex and Lancashire showed that 67% of estate agents believed that property prices would be affected. The bad news is that whilst the majority of agents suggested price falls could be as little as 11% there were 2 agents that believed that price falls could be anywhere between 41% and 70%.
At these levels of decrease you would have to say that at these prices nobody would be able to sell. This is very bad news for local people who have plans to move at any point now or in the near future.
You have to ask yourself why would you want to buy a home anywhere near a fracking site? You could buy a home only to find that it's value could have gone down overnight. It is unlikely that these energy companies will be paying compensation to homeowners or if they do it will be so hard fought over that it will not be an option for many people.