HOMEOWNERS living near the proposed route of the high speed rail link are being urged to get their homes valued now before house prices plummet by a predicted 25 per cent.
The stark warning comes from estate agents who have drawn parallels between the HS2 link and the widening of the M40 which had a devastating impact on local house prices.
The London to Birmingham rail line would cut through greenery in Warwickshire and see trains thunder past at 250mph every 20 minutes.
It has led to scores of property owners fearing house prices will plummet and sparked an outcry over the government’s compensation scheme.
Richard Kenyon, who has lived with his wife in Dalehouse Lane, Kenilworth, for 40 years, could be one of the worst affected by the predicted property blight.
The couple are considering selling their estimated £1.5million home but fear it will prove unsaleable if the proposed rail link is approved.
Mr Kenyon, a 72-year-old independent financial administrator, said: “The rail route would be 100 yards from my doorstep and will be noisier than a jet engine.
“There are two issues I have with HS2. The first is the Exceptional Hardship Scheme (EHS) that is the compensation package being proposed by the government, which is not good enough.
“We need to be offered 100 per cent compensation on the value of our homes before the HS2 announcement was made, similar to what home-owners were offered when there are talks of runway expansions elsewhere in the country.
“Secondly, from what I can see there isn’t a big enough demand for this link judging by HS1, which links London to the south east of Kent.
“As I understand half the carriages on the service have been removed because they have been travelling empty.
“This is a very expensive project where money could be spent on schools and the health services.”
The EHS has a raft of requirements people need to meet before they become eligible to any compensation – this includes demonstrating an urgent need to move for work, financial or medical reasons and property that was bought prior to know-ledge of HS2.
Kenilworth resident Mark Evans, of Crackley Lane, thinks the EHS needs to be expanded to include more people.
The 44-year-old consultant engineer said: “I have lived here for eight years and deliberately moved here because it is a quiet area with green space.
“There is a great deal of uncertainty at the moment and even though the train won’t be too close to my house there will be a certain amount of noise pollution that will come into play.
“We had our home valued prior to the HS2 announcement because we’re planning on building an extension on our property, but we are concerned about the impact of the rail route.
“If the price of my property does fall because of HS2 then people should get full compensation back rather than what the EHS is currently offering. It has strict conditions that need to be changed.”
Warwickshire chartered surveyors and estate agents Hawkesford has already carried out several valuations for people who want to monitor any future drop in their house price.
Managing director James Hawkesford said: “There may be many claims for compensation and it is important the current valuation is obtained now, before prices begin to drop.
“It was inevitable that just the threat of this happening has already affected the value of properties in Southam, Offchurch, Cubbington and Kenilworth, that lie close to the proposed route.
“Sellers are legally required to tell prospective buyers about the plans, even though they’re yet to be decided and construction wouldn’t begin until 2019 at the earliest.”
Comparisons have been made to homeowners seeking compensation when the M40 was widened about 10 years ago.
Hawkesford agent Peter Wilson, an associate member of the Royal Institution of Chartered Surveyors, said: “When we dealt with valuations because of the M40 we saw house prices in the area fall by 20 to 25 per cent.
“And there are certain similarities between what homeowners near the HS2 line face compared to the M40.”
Alex Khan, head of conveyancing at Leamington law firm Blythe Liggins, said: “In order to help those affected by the proposals, the government intends to introduce an EHS so home-owners with a pressing need to sell can apply to the government to purchase their property at the full market rate.”
Joe Rukin, chairman of the Kenil-worth Action Group, who oppose HS2, branded the whole scheme “ridiculous”.
He added: “People are expected to put their lives on hold for about 10 years because of this.
“The cost factor hasn’t been looked at properly, because there isn’t enough money in the country to fund this.”
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