Michael Redmond comments on the Government’s announcement of the proposed High Speed 2 route this week
“The Government’s confirmation of the route for the second phase of High Speed 2 (HS2) this week, is great news for York’s already thriving economy. The new stations, which are due to be built in Sheffield and Leeds city centres, will allow HS2 to serve and benefit key areas in the North East, including York, Newcastle, Darlington and Durham, with journey times to the south and other key cities in the north and Midlands significantly reduced. Not only will HS2 help bridge the north-south divide, but encourage further investment and economic growth to York.
“York already attracts priced-out buyers and investors heading north who are looking for more affordable properties, where prices are rising at a much healthier and more sustainable rate. York is ideally situated at the heart of the UK, and with its combination of affordable house prices, excellent infrastructure and quality of life, it is a popular choice for those relocating or looking to invest in buy-to-let. The city has one of the UK’s fastest growing economies and today’s HS2 news only confirms further that it is a great investment location for those looking to benefit from a dynamic city in the heart of the ‘Northern Powerhouse’.
“Although new HS2 trains won’t continue up the East Coast Main Line until 2033, the benefits will no doubt be felt sooner. As we have seen in the south east with Crossrail, a major transport project like this can have a significant effect on house prices. We will now no doubt see a “HS2 effect” with a renewed influx of buyers and savvy investors looking to put their money in the north, as the plans provide further long-term confidence. I cannot wait to hear more details about further improvements to regional road and rail expansion, by the Chancellor at next week’s Autumn Statement.”