Myth: “Fracking will not affect house prices.”
“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.”- the government’s draft Shale Gas Rural Economy Impacts Paper
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, 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.