Impact of Fracking on house prices
Monday, August 11, 2014
Some very interesting news regarding fracking and the potential impact on house prices.
If you are in a potential area for fracking then it makes essential reading.
The government has been criticised for censoring a report into the impact of shale gas drilling that examines the effect on house prices and pressure on local services.
Campaigners are calling for full publication of the study carried out by Whitehall officials, as the government continues to resist the idea of offering compensation to individual householders near proposed fracking sites.
The report, called Shale Gas: Rural Economy Impacts, was written in March and a draft was released under environmental information laws with large portions of the text removed. In particular, the section looking at the effect of drilling on house prices has three missing chunks.
The published sections mention a 2010 report about Texas, which found that houses valued at more than £150,000 and within 1,000 feet of a well site had their values decreased by 3% to 14%. Unredacted parts also mention other economic studies showing anything between a small positive impact on property prices for homes within 2km of wells dependent on commercially-piped water in Pennsylvania, to a drop of between 4% and 7% for homes within 4km of sour gas wells and flaring oil batteries in Alberta, Canada.
When considering this, the 100,000 pounds given to local communities near a fracking site looks a little on the short side!