There are usually a number of issues that can have an impact on property owners, including noisy neighbours and flooding. Now there may be one more element to compete with, fracking!
Fracking
Fracking is a way of extracting natural gases from the ground which can then be used as the energy to power a home. However, this method has already caused a few small earthquakes in the UK.
The method of fracking splits open the rock beneath the ground which is then pumped with chemicals to release methane gas. This can be of concern because air and water pollution can be caused, there is also a risk of chemical spills and there is of course the increased risk of subsidence.
One fracking company, Cuadrilla Resources has 10 sites around the UK, mainly in Lancashire although there are others, including ones in Surrey and Kent.
Sometimes it can cause damages to buildings and one resident has even complained of a crack appearing in brickwork as a direct result of fracking. There are also loud bangs that can be heard from some of the sites and sometimes small earthquakes that will shake properties.
Insurance
Landlords that own properties in areas where there are fracking sites may experience an increase in their landlord insurance quotes due to an increased risk in damage being caused, although fracking isn’t thought to cause major damage.
Malcolm Tarling, from the Association of British Insurers, has been explaining the following, “Insurers are keeping a watching brief on the issue. At this moment in time there is no evidence that this procedure is leading to particular problems that would involve an insurer.”
Many people support the use of fracking as it can decrease energy prices and many companies are looking to set up more sites, particularly in South Wales. However, there are also many people that oppose the practice of fracking.
What’s your view on it? We’d love to hear from you on this issue, so please do leave us a comment below explaining your view on fracking!