HS2 compensation scheme

Jade-clothing

Well-Known Forumite
I am helping a friend lodge a claim with the government for compensation due to the HS2 route. The property is alongside the railway line in Yarnfield. My question is if you were looking to purchase a property would it put you off purchasing in Yarnfield due to the route of HS2 and the construction depot being nearby? Also if any Estate agents are on here I'd be interested to know if you have any feedback from buyers please.
 

Thehooperman

Well-Known Forumite
In answer to your question it would depend on how the railway is built i.e. embankment, cutting, tunnel, etc and how long and when the depot will be operational.

I'm not sure whether the impact on selling a property is fully taken into account with the current HS2 compensation packages as it seems to be based on distance, see below screenshot.

It is worth noting that there is no compensation for HS2 Phase 2a/b at present as it hasn't been granted royal assent and this won't happen until 2020 by which time the route may have changed again if it ever happens.

Screenshot_20180926-092842.png
 

Jade-clothing

Well-Known Forumite
The need to sell scheme isn't based on distance and the compensation scheme is in force now, My question was regarding selling the house for unblighted market value as per the scheme, Sorry I should probably not have worded it as in 'compensation' - the schemes that pay out compensation rather than purchase the property are in deed distance based.
 

Tilly

Well-Known Forumite
"would it put you off purchasing in Yarnfield due to the route of HS2 and the construction depot being nearby?"

Personally, no, but only if I planned to never, ever, move home again - because the thing will never be built

However, buying the property, and then selling it again would be a very big problem, because HS2 has yet to be officially scrapped, so that blights the property and reduces its value
 

Jade-clothing

Well-Known Forumite
"would it put you off purchasing in Yarnfield due to the route of HS2 and the construction depot being nearby?"

Personally, no, but only if I planned to never, ever, move home again - because the thing will never be built

However, buying the property, and then selling it again would be a very big problem, because HS2 has yet to be officially scrapped, so that blights the property and reduces its value
Exactly. I agree it will never come off but the fact remains that at present the threat of it is putting off people buying in the area, I just need to prove this!
 

kyoto49

Well-Known Forumite
HS2 have just purchased my friends house in Hopton. I was quite surprised as it's at least 100ms from where the track will go. Still, it enabled them to return to their Liverpudlian roots.
 

Thehooperman

Well-Known Forumite
The need to sell scheme isn't based on distance and the compensation scheme is in force now, My question was regarding selling the house for unblighted market value as per the scheme, Sorry I should probably not have worded it as in 'compensation' - the schemes that pay out compensation rather than purchase the property are in deed distance based.

Ah ok I understand what you are asking now.

I think I would agree with Tilly (for once) in that if you intend to keep the property for a significant time then HS2 wouldn't bother me but then I'm used to noisey trains and sleep through anything. It would initially affect sales opportunities but given time people get used to their environment.

The other thing to bear in mind is the age of the property and the duration until HS2 is built, if it ever is. Older properties may be life expired by the time trains actually start running.

As I understand it the compensation being offered at the moment is just for HS1 but I stand to be corrected and as you say isn't really relevant here.
 

Jade-clothing

Well-Known Forumite
Ah ok I understand what you are asking now.

I think I would agree with Tilly (for once) in that if you intend to keep the property for a significant time then HS2 wouldn't bother me but then I'm used to noisey trains and sleep through anything. It would initially affect sales opportunities but given time people get used to their environment.

The other thing to bear in mind is the age of the property and the duration until HS2 is built, if it ever is. Older properties may be life expired by the time trains actually start running.

As I understand it the compensation being offered at the moment is just for HS1 but I stand to be corrected and as you say isn't really relevant here.
I think it's more to do with the upheaval while the depot is built rather than the line afterwards. After all he already lives next to the railway line. The scheme he is using is where the government purchases the property if you have been unable to sell due to HS2. His house has been on the market for 3 months with only 2 viewers. The house is absolutely gorgeous and is on for the correct valuation so I'm trying to prove it's HS2 putting people off.
 

Tilly

Well-Known Forumite
"would it put you off purchasing in Yarnfield due to the route of HS2 and the construction depot being nearby?"

Personally, no, but only if I planned to never, ever, move home again - because the thing will never be built

However, buying the property, and then selling it again would be a very big problem, because HS2 has yet to be officially scrapped, so that blights the property and reduces its value


 

Cue

Well-Known Forumite
How will HS2’s stops actually work? Do they use the existing station with a new platform or will there be a new station somewhere on the outskirts of town?
 

Tilly

Well-Known Forumite
Plenty of exploritory works going on at Hopton

S


When the thing is eventually cancelled, or rather just before, the prime residential sites will suddenly have been re aquired by well connected 'venture capitalists'


But that could be a 10 year delay to the power of 2 give or a take several decades

Wimpy's all round!!
 
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