31 July 2015 by

High Speed…..to losing your home?

In January 2012 the Government announced that Phase 1 of the High Speed railway link (HS2) project would go ahead. HS2 is a high-speed railway which is to link the cities of London and Birmingham, followed by further extension to North West England and Yorkshire. The construction of the first phase of HS2 is set to begin in 2017 with an expected completion date of 2025. The completion of the entire network is expected in 2032. 

The Government claimed that HS2 would be an opportunity to create jobs, attract investment and build for future generations by providing better and faster transport links, not just to London and Birmingham, but to the north of England and Scotland as well as Europe. 

Unfortunately, the project does have serious implications for some homeowners, including the compulsory acquisition of land over which the new railway line will run, the modification of infrastructure belonging to utility companies and other service providers, as well as work on listed buildings and the demolition of buildings in some conservation areas. 

It is said that those landowners affected by the exercise of the relevant compulsory acquisition powers will be compensated. Where applicable, we understand the compensation paid will be equivalent to the un-blighted market value of the land that is acquired plus statutory loss payments, disturbance payments (including stamp duty in relation to replacement property), compensation for the diminution in value of any retained land, and payments to cover any other losses arising as a direct and reasonable consequence of the compulsory acquisition. 

The Government promises: “Where people are affected by HS2, we are committed to compensating them fairly. We will go above and beyond what is required by law by introducing discretionary assistance that helps more people and reflects the unique nature of the HS2 project.” 

However, it remains to be seen if the benefits of having a high speed railway link outweigh the ‘price’ that some property owners might have to pay… 

If you have any queries on whether this or any other Government scheme/project will have an impact on your home please contact Kasia Grygorczuk on 020 7288 4776 or at kasiagrygorczuk@boltburdon.co.uk

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