Controversy, uncertainty and property: HS2’s latest developments
With a Tory backlash failing to derail plans for HS2, the scheme looks set to stay on track for more dissent – not least for those away from the confines of Whitehall.
While a section of Conservative MPs voted against the £50bn project towards the end of April, the biggest outcry in HS2’s recent history surely relates to the government’s latest compensation package, announced just a few weeks earlier.
Through the plans, the state proposes to buy properties within 60 metres of the contentious line at the full market value plus an additional 10 per cent – even if the owners do not want to move.
For homeowners, land and business owners with property within 120 metres, who do not want to relocate, the government will pay 10 per cent of the property value.
The package was met with enraged cynicism by opposition groups, with Stop HS2 accusing the government of ‘Disgraceful Spin’.
Uncertainty is a difficult factor for estate agents to quantify for vendors and purchasers alike. Property can be blighted in this way wherever there is the potential for development nearby, and this is highly significant in the case of the HS2 rail scheme.
There has been a certain ‘will they, won’t they’ debate around the whole issue as well as options surrounding the actual route to be taken. All this has acted to make selling or buying in proximity to the route very challenging.
With all the major parties firmly committing to the project and the finalising of the proposed route these uncertainties are being reduced.
The compensation package has been improved and it is now possible to get a better feeling for the environmental impact of the project on the nearby properties.
All this conspires to help interested parties make better, more informed decisions with the assistance of good agent.
For a discussion on how HS2 might affect your property, contact Michael Graham’s Princes Risborough office on 01844 396000 or the Aylesbury branch on 01296 336227.
Latest government updates on HS2:
Official HS2 website:
Stop HS2 – the national campaign against High Speed Rail 2: