Will HS2 Impact Property Prices?
This article was updated on Wed 7 Feb 2024
The purpose of the new HS2 is to unite cities at a much faster and convenient rate. The high-speed rail line proposes to link London, Scotland, Manchester, and Birmingham. HS2 would connect 8 out of the UK’s 10 major cities. This attempting to bridge major cities whilst boosting their economy. In this article we will explore if the HS2 will impact property prices.
The new high speed railway line plans on uniting cities at a much faster and convenient rate. It is also intends to bring a wide range of career opportunities. Providing a zero-carbon method of travelling. The HS2 will create economic opportunities for development and regeneration for Britain by linking towns and cities. The track is said to reach 343 miles and include 45 miles of tunnels, 37 miles of viaducts, 119 miles of cuttings and 120 miles of embankment.
Understandably and much to our dismay, according to Sky News, phase 1 of HS2 remains penciled in for completion between 2029 and 2033. Phase 2a to Crewe is estimating completion around 2035. High-speed links to East Midlands are set to complete by the early to mid-2040s. This marks a stark difference previously predicting 2036-40. Regrettably, the Manchester link from Birmingham will no longer perform at high speed due to budgeting issues. The BBC have stated that the current estimated cost of HS2 is between £72bn and £98bn.
What are the benefits of the HS2?
Careers
According to HS2.org, the new high-speed railway is already benefitting the economy. More than 22,000 jobs are finding support through the development. 825 apprentices have begun their careers on the project. Kieran Mullan, MP for Crewe and Nantwich stated that “the HS2 project will support the development of highly skilled jobs of a British-based business. The project will create plenty of opportunities for the next generation of skilled workers.”
Environmental impact
In addition to creating job opportunities, the trains will use power from zero carbon energy. Offering a cleaner alternative to long distance car journeys and domestic flights. HS2 is helping to develop a revolutionary new way of building foundations. It sets new standards for cutting carbon emissions.
The train itself will be better for the environment. An ergonomic tunnel design is also set to cut emissions. The tunnel structure will help blend the railway into landscapes. The structures will be built in a factory before being shipped. This offsite approach is more efficient. It presents a safer option to transport, aiming to reduce disruption to local communities.
Create space in local areas
The HS2 was proposed to free up capacity on the congested West Coast Main Line. The line going from Manchester Piccadilly and stations south of Manchester via Stockport. This so long-distance trains could move to the specific HS2 track. It will allow up to three new train services per hour.
Will the HS2 impact property prices?
The Guardian has an article on how locations benefit from regeneration projects. It states that whenever a location benefits from a large-scale regeneration project, property prices in the surrounding area tend to mirror that of the regeneration scheme. Locations see an increase in price once the project is up and running. They predict that for properties in a 10–15 minute walk of the HS2, we could expect to see a 30-60% increase once the project sees completion.
The impressive environmental aims of the HS2 are exiting. This if the government can uphold these aims. This will mean that cities and towns will have cleaner air. Air purity definitely being in the win column when looking for property. HS2 cities therefore will look more attractive. HS2 will source its power from solar and wind power. This puts the HS2 project well on its way to being zero carbon powered.
Local economies are also expected to see substantial growth due to the HS2. This suggest that HS2 could very well impact property prices.
If you have been considering looking at a property near the HS2 train lines, why not look at our available properties?
