The Prime Minister of the U.K Rishi Sunak has confirmed the cancellation of the northern leg of HS2, specifically the route from Birmingham to Manchester.
He said the decision was made because the costs had doubled, and this has led to criticism from both his own party and the opposition Labour Party, which originally started the project.
Read on to learn more about the HS2 project and property investment near railway stations.
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HS2 is short for High Speed Two, and it represents the second major high-speed rail project in the UK. The project's expected due date is 2033. But the first trains are expected to run in 2026.
Once HS2 is operational, it will link together eight of the UK’s biggest cities.
HS2 is set to stop at more than 25 stations, providing a direct connection for nearly 30 million people! The major cities that will be connected include Birmingham, Manchester, and Leeds.
HS2 is a key part of the UK's plan to have no net carbon emissions by the year 2050.
Major construction projects can change the value of homes.
It is important to look at the potential benefits. Here are three key points to think about that can have a big impact on how much your home is worth.
If your home is in a central location, such as near a train station, this can improve connectivity.
It is easier to travel from your home to work or the city, for example.
This fact can also increase the value of your house, even though the house is not in the city.
When you live near a railway station, it is possible to take the train rather than taking your car.
When more people choose to take the train to their destination, it will help clear up much room on the current tracks.
Next to the fact that there will be less congestion, transportation costs can be reduced by taking the train.
There's not a big need for a personal vehicle since you are taking the train to go to your destination.
Areas around railway stations often become hubs for economic activity, attracting businesses, shops, restaurants, and other facilities.
These developments not only create job opportunities but also enhances the livability of the area, making properties more valuable.
After these developments, the demand for houses in this area may increase which may also raise the prices of the houses.
It is a good idea to invest in properties near Tube and train stations. Below are some options listed:
According to data from the Centre for Cities, the area stretching from Finsbury Park to Stamford Hill offers the most advantageous mix of transportation options and reasonable prices.
"In the past three years, we've seen a lot of new cafes, restaurants, small shops, and boutiques popping up," shares Mark O’Kane from Marsh & Parsons.
The new area has a beautiful view of two big water reservoirs, and it offers many places and services like cafes, restaurants, a grocery store, community centres, places for young people, health centres, and two schools.
While Brixton is no longer considered a budget-friendly area, data from the Centre for Cities study reveals that the average selling price for apartments on Brixton Hill was £256,600 in 2018.
In Brixton, you will find a train station and a rich cultural scene.
The area boasts excellent transportation links, being the origin of the Victoria Line that reaches Oxford Circus in just 11 minutes.
Deptford is a central area.
The New Cross and Deptford High Street stations are just around the corner, providing quick and direct access to London Bridge in a mere seven minutes and Greenwich in approximately 12 minutes.
"Living here is fantastic. I can get to work in just 35 minutes," James, 29, happily shares."
Despite the cancellation of the HS2 project, it still remains a crucial part of the nation's vision for a connected and environmentally sustainable future.
HS2 promises to link major cities, reduce carbon emissions, and potentially increase property values near stations, contributing to the UK's ambitious net-zero carbon goals by 2050.
For potential homebuyers, areas like Brixton, Barking, and Deptford offer promising opportunities to invest in a future shaped by enhanced connectivity and innovation.
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