Property owners must take action as the government reaffirms its commitment to HS2 in the comprehensive spending review, says Knight Frank
Date : 23 October 2010
The proposed plan for a high-speed rail link (HS2) between London and Birmingham was not specifically mentioned in the Chancellor’s speech this week (20 October), but it was alluded to in the small print of the government’s detailed proposals.
These said: “The government is proceeding with its plans to deliver a new high-speed rail network and will bring forward legislation during this parliament to allow construction to proceed.”
James Del Mar, head of Knight Frank’s HS2 team, said many affected property owners along the proposed HS2 route 3 would be disappointed, but shouldn’t delay in seeking the expert advice they might need.
“I think a lot of people were hoping that the plan would be scrapped completely as part of the comprehensive spending review, but even though the specific route wasn’t mentioned, the government obviously feels very strongly that HS2 should go ahead. This is probably because most of the financial outlay for the scheme will not be needed until well after the four-year period covered by the review has passed.
“Anybody who thinks they will need to make a compensation claim sometime in the future, particularly under the exceptional hardship scheme, should start taking expert advice now. It does look like HS2 in one form or another is a reality now. Hoping it won’t happen is no longer an option for those potentially affected.”
Anybody affected by HS2 can receive a free initial consultation from Knight Frank’s HS2 team, which has 90 years of combined experience dealing with large infrastructure schemes, such as the M25, Stansted Airport, Cross Rail and the Channel Tunnel Rail Link.
For further information or help, please contact:
+44 (0) 20 78611 033, +44 (0) 7796 996 154
+ 44(0)1488 688 507
+44(0)1488 688 548
+44 (0) 1179 452 642
+44 (0) 1179 452 641
+44 (0)121 233 6493
Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank and its New York-based global partner, Newmark Knight Frank, operate from 207 offices, in 43 countries, across six continents. More than 6,340 professionals handle in excess of US$886 billion (£594 billion) worth of commercial, agricultural and residential real estate annually, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit www.knightfrank.com.