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HS2

Journalist: Anna Sagar, Mortgage Solutions / Specialist Lending Solutions

ended 06. October 2023

Interested in speaking to mortgage brokers about whether the cancelling of HS2 from Birmingham to Manchester has had any impact on their business. 

  • Have customers who had to sell because of HS2 been in contact? What is their recourse if any?
  • Has it impacted people's buying habits? e.g. less likely to buy in Manchester etc. 

3 responses from the Newspage community

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My new-build home, when I lived in Mexborough, was across the road from a development that was seized under a compulsory purchase order for HS2. This other new build development sat empty for years and reduced the price of my house, as nobody wanted to move into an area which was due to have massive engineering works. When we wanted to move, to be closer to family, we were unable to sell and had to rent it out. Then the route was changed and the leg due to be travelling through Mexborough was moved to Sheffield, but the damage was already done. Now the whole thing has been cancelled and I am furious at the pain and financial misery that a large part of the population has been put through, all for nothing.
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I think the true impact will be felt if and when the £36 billion not being spent on HS2 gets reallocated to other infrastructure products. I fear that much like the supposed £350 million a week for the NHS it's mere smoke and mirrors though.
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With the rise of hybrid working, I know a number of young professionals in the London area, who would have certainly considered moving further north to take advantage of lower property prices and still be able to access London in shorter time frames. Speed and ease of access are a high priority for young professionals when considering a move. Whilst their northen counterparts would also consider hybrid roles in London, hence expanding the talent pool, something we certainly need more now than ever before since Brexit. No doubt HS2 cancellation will mean the pressure on the housing market in the south will be sustained, whilst the north-south divide lingers on, as infrastructure investments in the south such as the Elizabeth Line are completed and typically go ahead without many objections, meanwhile, infrastructure investments in the north continue to be a political battlefield, which often end up being met with hesitation, doubts and ultimately completely scrapped.