Home Business MARKETS House prices near fracking sites could fall: Report

House prices near fracking sites could fall: Report

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A government report has warned that house prices near fracking sites could fall by up to 7 per cent and insurance premiums may rise …reports Asian Lite.

frackingFracking could also worsen traffic congestion, noise and air quality, and may not bring many jobs to an area in the longer term, and those living nearby could suffer indirect health problems, the report warns.

The Department for Environment, Food and Rural Affairs (Defra) report warns that the risk of explosion could add to insurance costs on properties within five miles of a site, while those within one mile could lose between 0 and 7 per cent of their values.

It adds that, even if contaminated surface water does not directly affect drinking water, “it can affect human health indirectly through consumption of contaminated wildlife, livestock, or agricultural products”.

UKOOG which is a fracking industry body said the report was “in danger of extrapolating the experiences of other jurisdictions that have different regulation, planning regimes and geologies.”

 

 

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