Port Talbot in Wales is the UK’s largest steelworks but is currently at risk of closure, putting thousands of jobs at risk.
If the Port Talbot steelworks is closed house prices in the area will fall by 10% in the next 12 months, online estate agent eMoov.co.uk has predicted.
Port Talbot in Wales is the UK’s largest steelworks but is currently at risk of closure, putting thousands of jobs at risk.
The town is home to 37,000 people, 11% (4,104) of whom work at Tata steelworks.
Russell Quirk, founder and chief executive of eMoov.co.uk, said: “The importance of the decision at hand impacts far more than property prices in Port Talbot, however the first signs of economic decline are often an increase in unemployment rates and the resulting drop in property values.
“When the local economy of an area relies so heavily on one specific industry to survive, the consequences of said industry disappearing all together can be catastrophic to the community.”
Aberdeen has seen a similar decline because of slumping oil prices, with average house prices dropping by £11,000 in the last 18 months.
