HS2 Compensation Package for Tenants near proposed route
Along the proposed route there are literally hundreds of residential properties. The government has to compensate all those tenants that are adversely affected by the HS2 route.
Over £1 billion in HS2 Compensation Package for Tenants and Property Owners
The UK Government has put together what Ministers refer to as a “generous compensation package” amounting to over £1 billion to be paid out to homeowners, businesses and tenants residing near to the Birmingham to London proposed high speed HS2 railway line.
Tenants and Property Owners will be affected by Vibration and Noise
In the process of building the 225mph line construction will take place of two railway stations to be located at Birmingham Airport and in the centre of Birmingham. Ministers acknowledge that people living or working near to the line would be affected by vibration and noise.
Compulsory Purchase of 528 Properties
Inevitably some demolition of properties will be necessary and currently the figure stands at 528. The Government will be paying the market value for these properties plus 10% not exceeding £47,000. If property values have already fallen in areas due to the proposed rail line the price paid will be comparable to the value before knowledge of the plans became public to make sure that owners and businesses don’t lose out.
Optional Compensation for 573 Property Owners
The same package will be offered to some 573 other property owners who live or work within 60 metres of the railway track should they decide to sell together with a further 780 owners residing or working within 120 metres of the line, but the latter will not benefit from the additional 10% compensation.
Tenants may be Eligible for Compensation
If you are a tenant living in any of the affected properties landlords may have to pay you £4,700 in compensation if they sell their property so check back on the Tenants Tips website from time to time as we will be updating information as it becomes available, covering tenants’ eligibility for such compensation and instructions as to how to claim it.