How HS2 made a train run by selling local house prices

Philip Harvey, from buying agent Property Vision, said areas near HS2 are more vulnerable to price falls as the UK property market continues to fall.

When prices rose, he said buyers were more willing to compromise by buying homes in less desirable areas, such as the HS2 route, because they still thought there was money to be made from their investment.

But he said this is not the case now the market is falling.

He said, “Anywhere there is a compromise will be vulnerable to price falls.”

Mr Harvey said buyers tell him they don’t want to be “nowhere near” HS2 due to concerns about potential noise pollution.

He said: “It is very distressing for sellers. They have not asked for HS2 to be built, but some of their houses are completely unsaleable.”

Aneisha Beveridge, of Hamptons, said some homeowners will wait to sell their homes until HS2 is completed, expecting to get a boost in value once transport links are usable, which could boost their home prices in the long run.

However, she said those who have to sell their homes soon risk settling for a lower price.

Ms Beveridge said: “If people have to move for lifestyle or financial reasons and there is still work that is delayed, the longer it is delayed the worse it is for them.”

HS2 has been plagued by repeated delays which could prolong the problems for homeowners down the road.

Benjamin Travis, from the Center for Economics and Business Research, said: “While improved transport links often drive up house prices, the protracted construction work associated with HS2 appears to discourage demand for housing in the area.

“Obviously residents don’t want to live near a construction site because the possibility of improved transport links seems too far away.”

He said houses that are close to the tracks but far from a station are likely to repel buyers.

The analysis did not include London, as HS2 will largely run on existing tracks, Hamptons said.

The uncertainty surrounding HS2 causes even more fear in potential buyers.