The HS2 scheme is a hot topic these days and the effects on the housing market and ultimately, housing prices will be interesting to monitor.
HS2 will make the trip between London and Birmingham much faster and more convenient (around 45 mins) and it is believed that the scheme will bring rapid growth in property prices because the areas around the city will become more accessible for people coming from London and other areas.
In addition, places like Banbury, Bicester and other countryside towns located north of the city of Oxford will be brought within commuting distance of the Chilterns, which is a major factor for school driven buyers and is likely to have a positive impact on property values in the area.
However, it is Birmingham that stands to benefit the most. The prices of both residential and commercial properties in Birmingham have been going up in the past five years due to many different factors such as the opening of the Bull Ring shopping centre, the development of New Street station and Grand Central and the overall improvement of the city’s central area. However, there is still room for improvement in terms of home sales and the HS2 is exactly what’s needed.
At the moment, it takes two and a half hours to reach Birmingham from London by car. The train ride is between 90 and 120 minutes. Now, thanks to the HS2 scheme, passengers will reach the city centre in no more than 50 minutes. Birmingham will become an excellent alternative for those who wanted to live in London because property and cost of living will be significantly cheaper
The UK government expect that 70% of the jobs created by HS2 will be outside of London and this will give a further boost to the property market in Birmingham and other Midlands cities.
Will HS2 live up to the hype? We will all have to wait and see…