Ministers are wrong to say that fracking will not blight house prices, a national surveying service has warned.
The Department of Energy & Climate Change says that the practice of extracting shale gas from the ground would have no effect on local house values.
But Legal & General Surveying Service said this was by no means clear.
Kevin Webb, technical director, said that fracking could have an impact on the long-term desirability of an area and house prices.
Webb said: “Concerns have also been raised over the disruptions fracking sites could cause to local communities. Short-term infrastructure issues could arise as a result of these new sites.
“The exploration phase can often be intrusive, with small towns having to accommodate changes to structure, such as the construction of new roads suitable for heavy commercial vehicles.”
New research by Durham University has suggested that fracking may become a commonplace practice.
The research says that it will not trigger major earthquakes; it involves blasting underground rock deposits.
A forthcoming report by the British Geological Survey is expected to say that British shale gas deposits are far larger than previously predicted and could be enough to supply the nation for more than a century.
David Cameron wants to see Britain at the heart of the ‘shale gas revolution’, and Webb said: “What can’t be ignored is that fracking has the potential to significantly boost the UK’s economy.
“An estimated 800 wells over a 16-year production period could create over 5,000 full-time jobs and provide over £5bn a year in tax revenue.
“The nation will have an additional energy source and the Government will gain some welcome breathing space as it grapples with its energy policy.”
EAT would be interested to hear what agents think – and also the views of any agents who have had experience of the effects on local house prices of wind and solar farms.
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Comments
The 'shale gas revolution' has so far been characterised by a serious lack of transparency, false claims and outright lies by politicians and the industry.
Why should be believe any of the claims made about the jobs that will be created and the expected tax revenue?
The jobs created by Fracking are vastly overstated. Job creation in energy efficiency and renewable energies is several times greater than in oil & gas.
http://www.gaslandthemovie.com/whats-fracking/faq/jobs
The two parent companies of Cuadrilla are registered in Australian and the Cayman Islands, and you bet that their accountants make sure that they will pay NO tax in the UK.
http://frack-off.org.uk/who-are-cuadrilla-company-overview/
It is common knowledge that oil, gas and coal extraction causes subsidence so why is fracking causing so much angst?
I live in the Fylde area of Lancashire where Cuadrilla Resources are telling us that there will be 800 wells, we also have information that came from the BGS that predicts double that number. As for 5,000 jobs; so far Cuadrilla have provided very few of these and when they have completed the exploration phase the sites will be managed by a minimum of staff, not even one per site.
So far we have been lied to by the oil and gas industry and government officers and politicians. The politicians are not interested in the economy, only self interested. Lord John Browne, senior business advisor (lobbyist) to the government who sits on the cabinet is the Chairman and on of the largest investors in Cuadrilla.
House prices are the least of the problems, please do your own research, watch Gaslands then decide if you want this plague in your area.