MYTH #6: “Fracking will not affect house prices”

FACT: The government’s draft Shale Gas Rural Economy Impacts paper (released July 2015) says: “House prices in close proximity to the drilling operations are likely to fall. There could be a 7% reduction in property values within one mile of an extraction site.” A study of house prices in the USA, published in the American Economic Review, concluded that the value of homes in Pennsylvania within 1 km of fracking wells fell by 12.9%. Furthermore, according to an investigation by the Independent on Sunday (09/01/16), companies representing two thirds of the UK insurance market will not insure against damage caused as a result of fracking, or else have exemptions covering pollution of water from the controversial technique.