The co-owner of a local estate agency has given his expert opinion to a Parliamentary Select Committee on the devastating impact the HS2 high speed train service could have on property values in his patch.
James Gibbs of Gibbs Gillespie was called in as a local property expert witness by a petitioner who is campaigning to stop the multi-billion pound scheme going ahead.
Gibbs Gillespie has offices in several areas potentially affected by the proposed rail link which would touch South Ruislip, Ruislip, Ickenham, Denham, West Hyde, Harefield and the Chalfonts.
Gibbs addressed the High Speed Rail committee at the Commons. I was asked to give my professional opinion on the issue of property blight caused by HS2 if it goes ahead. I feel desperately sorry for people who are potentially affected. Depending on how close a property is to the suggested route deems it unsellable or having up to 50 per cent reduced from its usual value.
He says the level of compensation currently being offered is woeful and needs reviewing.
Compulsory purchases currently do not take into account any of the other moving costs such as stamp duty he claims.
Comments
I agree!