Chancellor Rishi Sunak’s recent announcement to scrap the HS2 high-speed rail project has elicited mixed reactions, particularly in the housing sector.
Nathan Emerson, CEO of Propertymark, has raised concerns about the impact of the decision on homeowners and the property market.
“While a diversion of resources into other rail networks and transport infrastructure will support existing and new housing across the country, many of our members will have worked with homeowners impacted by house prices and other changes from the planned construction of HS2 from the West Midlands to Manchester, so its immediate cancellation brings more questions than answers,” Emerson stated.
The sudden decision to discontinue the HS2 project has left many wondering about the fate of homeowners who have already seen their property values affected by the planned rail line.
Additionally, there are questions surrounding those who have previously applied to the UK Government’s Express Purchase Scheme, a mechanism aimed at helping homeowners adversely affected by the HS2 construction plans.
“HS2 and the Department for Transport must provide urgent clarity on these matters to limit the impact on the housing market and get many of the properties currently sitting empty back available for people to live in,” Emerson added.
