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In brief... Fear of fracking: the impact on UK house prices

Author

Listed:
  • Stephen Gibbons
  • Stephan Heblich
  • Esther Lho
  • Christopher Timmins

Abstract

Shale gas offers the prospect of a low-cost energy future - but does extracting it invoke anxieties about the possibility of environmental catastrophe among local residents? Research by Steve Gibbons and colleagues detects a distinct 'fear of fracking', as indicated by falling house prices in the one part of the country where exploratory drilling has taken place. Their study finds that house prices fell by up to 5% in the months after fracking triggered minor earthquakes. Compensation to local communities for the 'psychological costs' of fracking could be very costly.

Suggested Citation

  • Stephen Gibbons & Stephan Heblich & Esther Lho & Christopher Timmins, 2016. "In brief... Fear of fracking: the impact on UK house prices," CentrePiece - The magazine for economic performance 487, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:cepcnp:487
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    File URL: https://cep.lse.ac.uk/pubs/download/cp487.pdf
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    Cited by:

    1. Jonathan Eyer & Matthew E. Kahn, 2017. "Prolonging Coal’s Sunset: The Causes and Consequences of Local Protectionism for a Declining Polluting Industry," NBER Working Papers 23190, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    shale gas; fracturing; property valuation; housing prices; consumer expectation; hedonic price; united kingdom;
    All these keywords.

    JEL classification:

    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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