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TODAY'S OTHER NEWS

Vendors on HS2 route must accept offers at 85% of asking price

The latest guidance from the government on the next phase of the HS2 high-speed railway confirms the previous demand that vendors must accept offers within 15 per cent of their property’s un-blighted asking price. 

A statement from NAEA Propertymark, which has been analysing the latest guidance, says that: “Agents should be aware that these criteria are likely to lead vendors to put their properties on the market for higher prices, increasing the risk that the property becomes unsaleable. The likely result of this is the property being forced into the Need to Sell scheme for purchase by HS2 Ltd [itself].”

By April 2019 - the last time official figures were released by the HS2 scheme - over 900 properties worth nearly £600m were bought by the company - including the most expensive, Whatcroft Hall, sold by comedian John Bishop for £6.8m.

The £56bn high-speed rail line is designed to boost the UK's economy by cutting journey times between London and the Midlands and the north of England.

The latest guidance issued by government relates to property owners in Phase 2a of the scheme, which runs from the West Midlands to Crewe.

A new Residents’ Charter, also issued in recent days by the government, outlines HS2’s commitment to carrying out works “in a considerate and responsible way” and Propertymark says this may become a useful tool for agents handling properties that are near to works for the rail line.

You can see the guidance for yourself here.

Propertymark has a directory of resources available relating to the project - that is here.

The £56 billion project is claimed to eventually cut journey times between London and the Midlands and the north of England. The first passenger services on part of the overall route are expected to operate in 2026.

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    The project will cut journey times between London and the Midlands and the north of England. It will also free up space on existing lines to improve local services into the cities, boosting property values near stations that currently have a poor service.

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