Fracking sites will put off 64% of buyers, research claims

first_imgHome » News » Housing Market » Fracking sites will put off 64% of buyers, research claims previous nextHousing MarketFracking sites will put off 64% of buyers, research claimsSurvey result shows many people remain nervous about the controversial gas extraction processNigel Lewis11th October 20160561 Views The government’s recent decision to give fracking the green light in Lancashire has been attacked by various groups including local communities, farmers and environmentalists. But now perhaps agents should be worried about shale gas extraction as well.Research out this afternoon reveals that over two thirds of British home buyers would be reluctant to buy a property near a fracking site.This may be bad news for agents trying to sell homes near the fracking sites in Lancashire as well as others around the UK including in Sussex. The first sanctioned site operated by fracking firm Cuadrilla is to be near Preston New Road close to Blackpool. A second site in nearby Treales, seven miles from Preston, has yet to be approved.The research by found that 21% of the 1,000 respondents to its survey were “unlikely” to buy a home near a fracking site while 43% said they were “very unlikely” although 32% of those who took part said they’d support fracking if it meant lower energy bills in the UK.One enthusiastic supporter of fracking is Sajid Javid, Minister for Communities and Local Government, who said the green light was given to fracking for its “potential to power economic growth, support 64,000 jobs, and provide a new domestic energy source, making us less reliant on imports”.Fracking is a way to extract gas from rock. The process employs a mixture of water, sand and chemicals under pressure which is then piped through holes in the ground to ‘fracture’ rocks deep down under the surface and release the gas.Research in the US by the National Bureau of Economic research into fracking in Pennsylvania and New York states in 2014 found that houses that relied on water sourced locally and often contaminated by shale gas and the chemicals used in the process lost value as buyers were put off  by poor water quality. But homes in the same areas that instead relied on water piped in from outside rose in value. Lancashire fracking sites October 11, 2016Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more