Estate agents warn fracking is affecting property sales in the UK

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13th May 2015 12:50 - Housing

A recent survey of estate agents – commissioned by Greenpeace UK – has found that agents believe that the prices of properties near Estate agents warn fracking is affecting property sales in the UKpotential fracking sites will be profoundly affected.

The estate agents also warned that the controversial technique will also make properties more difficult to sell, with agents in areas targeted by fracking companies already dealing with concerns surroundings future shale developments, from potential house buyers. As a result of this, sales are already starting to fall through.

Of the respondents, a quarter said that property buyers have expressed their concerns about purchasing a property close to a fracking site, and four agents said that some potential buyers have pulled out of a sale, as a result of their concerns.

The survey also showed that in West Sussex, Manchester and Lancashire - the three key areas where energy companies are planning to carry out fracking - 67 per cent feel that the technique will make house prices fall.

A large proportion of the estate agents questioned suggested that the loss in value could be up to 11 per cent, with two agents estimating a 41 per cent to 70 per cent decrease. In the UK, the average price of a house is £272,000. With this in mind, a 10 per cent decrease of value would mean a loss of tens of thousands of pounds.

Approximately 54 per cent said they worry that property sales near to fracking sites could suffer. Of those who said that this concerns them, the majority believed that more than one in ten sales could be impacted.

Of the respondents, nine approximated that 25 per cent to 50 per cent of sales will be affected by fracking.

In the coming months, The Department for Energy and Climate Change is anticipated to auction off license blocks to fracking companies, over an area larger than half of Britain.

The Government said previously that there is nothing to support the idea that fracking will affect property prices.

Of the estate agents surveyed, approximately 75 per cent were of the opinion that fracking should not be allowed, until the government has done more research into the effects of this controversial technique.

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