Published on: 26th November 2018
Despite recent comments to the contrary, it is very unlikely that HS2 Phase 2B will be cancelled in the immediate future and even if it is there is no guarantee that it won’t come back in some form or another, in years to come. If you have a property inside the proposed corridor of development, then it is best to act now as it is certain that as a nation something must be done about our infrastructure.
Phase 1, the line from London to Birmingham has been approved and is due to complete in 2026 but progress of Phase 2b, Crewe to Manchester and the West Midlands to Leeds has now been thrown into question.
I’m affected by HS2, what should I do?
◾Engage with HS2’s information seeking exercise and provide them with all the information they ask for.
◾Proactively ensure that HS2 are aware of your presence. Check out where you lie on the route and make sure that HS2 know what your land/property means to you.
◾Continue to monitor the situation.
◾Explore the opportunities for schemes to relocate, there will be regular changes as HS2 focus on individual sections of track.
◾Engage professional help – HS2 will generally pay for this, particularly if you’re already in active communications.
◾View the relocation as an opportunity for your business. Consider where the best relocation for your business, customers, workforce might be etc.
◾Do not ignore this, we strongly believe that HS2 will not go away.
If you are lucky enough to qualify, or given the opportunity, to relocate we would advise that you take advantage of it.
Why should I act now?
◾The longer you have to plan, the less impact it will have on you and your business in the long run.
◾The HS2 effect will undoubtedly cause a spike in demand for relocation properties in your vicinity. The earlier that you act, the more choice you will get.
◾The property you are in will become less and less attractive as a security for mortgage/loan purposes. We are already seeing some lenders expressing considerable concern over properties they have some form of charge over within the corridor, not just those with fixed term mortgages.
◾Your future property may require work and there will no doubt be an increase in demand for tradespeople, meaning that prices will go up.
◾As vacancy levels increase, quality of life within these areas will fall.
◾Local authorities will reduce investment in areas within the development corridor.
◾Unsetlled workforce due to uncertainty, more difficult to recruit.
◾Customer confidence at risk – no guarantee you can honour contracts.
◾Finally, and most importantly, it will save you unnecessary stress further down the line.
We have a specialist team of compulsory purchase surveyors working with owners and occupiers of affected sites along the HS2 route and if you feel you might be affected then please contact us to discuss your options.