high speed 2 gets the go ahead

Elite Property Search are leading UK based property finders who specialise in the search & acquisition of exclusive country properties and waterside properties. As a property buyers agent Elite Property Search have a wide property database.

Bournemouth, United Kingdom (prHWY.com) April 30, 2012 - Today the Government signalled the go-ahead today for the £32 billion HS2 high-speed rail project, the decision will impact many, creating homeowner winners, but also creating homeowner losers.

It will impact many prime period property owners living in the 100 miles between London & Birmingham. The impact to the losers being dramatic potentially both personally and financially.

The impact for the winners will be faster commutable access between the UK's 2 major cities and if their home is in the right position an increase in the value of their property.

For the losers, those finding the train running close to their homes, they could see an impact on their day to day living and also an impact on the desirability of their home to future buyers and therefore, potentially, a major impact on the value of their home.

Although there has been a lot of controversy over 1. The concept and 2. The route, the decision had the backing of 100 business leaders, MP's and economists, mounting supporting for the HS2 proposal by sending letters to the Financial Times, Daily Telegraph and the Guardian; claiming that the new service will create jobs and ease transport overcrowding.

Although a compensation scheme has been set up for those negatively affected, aimed at bridging the gap between property values pre and post the HS2 development, most believe that the criteria used will not work to their advantage, particularly as for many the value of their home to them, is much more than just financial.

So how close do you have to be to be affected?

Well when considering million pound properties near blights like roads and railway lines our experience at Elite Property Search is it is a blight if you can see or hear anything and it is imposing. How far this is in terms of distance is subjective but generally depends on variables such as surrounding environment for example if the million pound property is in line with a South Westerly wind .

Although there are things you can do to minimise the blight such as screening from the sight and noise reduction by planting trees and land banking , savvy buyers and those represented by a buyers agent will always find out that the blight exists.

Even the concept of the HS2 has proven to be a problem. At Elite the million pound property finders we had a client buying a prime property who agreed a deal on a property in Buckinghamshire but after receiving the results of the due diligence completed by Elite became aware that the HS2 was to run within 1 mile of the property and the HS2 would be visible in the distance from a corner of their boundary. They decided to terminate the deal.

Another client, who Elite are representing in their property search, were awaiting the outcome of the decision to find out if a buyer they have for their million pound listed property will continue to proceed with the purchase through to completion.

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Tag Words: real estate

Categories: Business

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