Buy to let landlords who have already invested in or are considering buying a Birmingham property to take advantage of the proposed high speed London rail link have been reassured it will not fall victim to the government’s cost cutting plans.
On the other side of the coin, landlords whose properties may be ‘blighted’ or the subject of a compulsory purchase order due to the link have been offered help in making compensation claims.
The proposed route of the London to Birmingham high-speed rail link (HS2) has already polarised public opinion.
While many say it will help boost the UK’s economy and cut its carbon footprint, others claim it is an expensive white elephant that will ruin some of the country’s most beautiful countryside.
Its opponents would have been hoping that the coalition government’s savage cost cutting may have spelt the end for the scheme, which is projected to cost around £17bn.
This has not happened yet and the decision to abolish the Infrastructure Planning
Commission may even speed up the approval process for the scheme, which is due to commence in 2017 and be complete by 2026.
Knight Frank believes the UK’s current planning system and the time it takes to implement large infrastructure schemes causes an unacceptable amount of uncertainty for those affected.
Until the HS2 route is finally approved, limited compensation is available for those who have seen the value of their properties fall sharply because of the anticipated impact of the train line.
An exceptional hardship case is currently under review, but it is not yet know how many of those affected will be able to benefit.
To help those affected by the scheme and the uncertainty surrounding it, Knight Frank has set up a specialist team of planning and property consultants who can advise on all aspects of compulsory purchase, nuisance, blight and compensation claims.
James Del Mar, head of Knight Frank’s Rural Consultancy department, is leading the firm’s HS2 team.
He said: “With its national coverage and focus on top-end residential and rural property, including farms and estates, Knight Frank has a detailed knowledge and vast database of comparable properties - essential when justifying a claim.”
