As of December 2024, HS2 is in "serious situation" says the new project lead Mark Wild, spelling uncertainty in regards to completion dates set for 2025 - but what kind of changes are we going to see should these overhauls be completed and the targets be met?
Transport often plays a huge part, perhaps even the biggest when it comes to an areas economic value, and a new high-speed rail system could light the match in and on property in the midwest.
Let's start off with the positive:
Here are the Positives!
Increased Property Values: Proximity to HS2 stations has been a significant driver of property value appreciation. Properties within a 10–15 minute walk of HS2 stations were projected to experience a 30–60% increase in value upon the project's completion.
Economic Growth and Investment: HS2 has acted as a catalyst for economic development in the West Midlands. Research indicates that the project could boost the region's economy by £10 billion over the next decade. Since 2017, there has been a 240% increase in the construction value of major new projects in HS2's impact zones, rising from £4.5 billion to £15.4 billion.
Enhanced Rental Demand: Improved connectivity has attracted professionals and businesses to the area, leading to increased demand for rental properties, particularly near HS2 hubs.
Infrastructure Development: The project has spurred significant infrastructure improvements, including better local transport links and amenities, enhancing the overall attractiveness of the region for residents and businesses.
Of course however, with every solution comes a new set of problems, and HS2 is set to change the landscape of the midwest. Here are the negative impacts you need to watch out for, and the key word here is disruption:
Here are the Negatives!
Property Blight and Disruption: Construction activities have caused significant disruptions in certain areas. Residents in Meriden, West Midlands, for example, reported nightly disturbances from explosions and heavy machinery, leading to concerns about declining property values and quality of life.
Statutory Blight: Properties within the safeguarded area for HS2 may be subject to compulsory purchase, causing uncertainty and potential financial loss for owners. The government has provided guidance on statutory blight and compensation measures for affected property owners.
Environmental Concerns: The construction of HS2 has led to environmental disruptions, including the destruction of ancient woodlands and increased noise pollution, affecting the desirability of nearby properties.
So let's loop round!
There's no denying that HS2 has significantly influenced the property market in the West Midlands, bringing both opportunities and challenges. And yes! While the project has driven economic growth and increased property values in certain areas, it has also caused disruptions and concerns in others. Stakeholders, including property owners, investors, and residents, ought to stay informed regrading the project's ongoing developments in order to navigate the evolving landscape effectively.
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