Fracking effects house prices
Fracking is a controversial method of extracting shale gas from deep underground by injecting high pressured sand, water and chemicals into drilled wells. Fracking in the UK began off the coast of Blackpool which caused two small earthquakes in 2011 and saw the activity cease until the Government makes a decision on how safe it is. An independent scientific report recently carried out on Fracking stated that the procedure could resume subject to tighter controls.
The company that was drilling off the coast of Blackpool which caused the 2.3 and 1.5 magnitude earthquake is called Caudrilla and has already planned its next 10 sites in which to exploit the lucrative gas. Most of the sites are located in Lancashire but also include Lingfield in Surrey, Cowden in Kent and Balcombe in West Sussex. These areas have now seen house prices drop by up to 20%, not what the property market needs at this moment in time.
The effect is similar to that experienced by houses located near the planned High Speed rail line 2 route (HS2) which would run from London to Birmingham and continue up the country. However, the Government are establishing a compensation scheme for those affected by the HS2 but Caudrilla have no intention to create a similar compensation scheme for those affected by fracking. A spokesman for Caudrilla stated that their company has no evidence that house prices would be depressed because of its work.
The British Geological Society has said that the earthquakes caused by fracking would be capable of superficial damage but would not cause any serious structural damages in residential property.
There has recently been a protest where campaigners chained themselves by their necks to gates to prevent Caudrilla moving a rig to a proposed site. To read the full story, visit Pali's blog, Frack Off protesters chain themselves to gates in Chesterfield
To read the full blog on the earthquakes in Blackpool please click HERE
To read Pali’s previous blogs related to Fracking, please see the links below;
Would you buy a house that was near a fracking site?(0) Comments
- Pali's Nicole Cran to take part in sponsored Skydive
- New Law Society Changes to CON29M Reports and Guidance, covered by free Coffee Break webinar series
- Family forced to turn their home into a shed after losing appeal!
- Invitation to Conveyancing Webinar on Commercial Reports
- First ever digital mortgage deed accepted by the Land Registry!
Subscribe to receive a weekly update of our blog posts