HS2 Rail Line – Northern Route Cancelled
The Prime Minister Rishi Sunak has announced, at the latest Conservative party conference, that the northern leg of the HS2 rail line will be scrapped. This may not have come as a surprise for some, but for those in the Midlands who have been affected by the years of uncertainty the news is both frustrating and a relief.
Back in 2013, then-Prime Minister David Cameron announced that a new multibillion pound high speed rail route would be constructed to connect Leeds, Birmingham and Manchester to London. Soon after the proposed route was announced, conveyancers and home movers alike were uncertain about how it would affect the property market and house prices.
How Did The HS2 Rail Line Affect Property?
At the time, it was necessary to conduct specific HS2 searches when buying a property as the proximity of the route of HS2 to the property could negatively impact the decision of a mortgage lender to lend. Indeed, many mortgage offers were pulled as a result.
It was thought that property prices would initially be negatively impacted due to the disruption from construction works and uncertainty of the effect of noise pollution and traffic levels. It was thought that any negative effect was likely to be temporary, however, as on the other hand, being close to an HS2 station could have seen property prices rise due to extra jobs and accessibility the line was supposed to provide.
Mr Sunak has pledged to reinvest the “savings” from the scrapping of the HS2 into other infrastructure projects in the Midlands. Whilst house prices in the areas previously affected by HS2 may rise, infrastructure projects elsewhere may further impact house prices in other areas.
How Can Timms Help?
It is important when purchasing a new property to ensure all the relevant searches are carried out, including an environmental search which will check whether there are any large infrastructure projects in the vicinity of the property so you can make an informed decision about the property you want to buy.
If you would like any further information regarding which searches are carried out when purchasing a property, please contact us on freephone 0800 011 6666.
October 2023