City on the fast track: Despite strong opposition, the new high speed link could boost Birmingham¿s future housing market

By
Sebastian Lander

Last updated at 4:07 PM on 3rd February 2012


Most famous export: Cat Deeley grew up in Birmingham

Most famous export: Cat Deeley grew up in Birmingham

Cutting a minute off a commuter train journey to London adds £1,300 to the price of the average terrace home, and, according to Savills, increases the price of a detached property by £2,250 for every minute saved.

Which could spell good news for home-owners in Birmingham, who will be at the receiving end of the new HS2 high-speed railway when its first phase is completed in 2026.

The new trains are expected to cut the current 1hr 24-minute journey down to 49 minutes, so you could have dinner and see a West End show in London and be home in Birmingham by midnight.

Many are convinced that the £16.4 billion scheme is a luxury that the country can’t afford. It will cut a swathe through rural England and will affect many communities. But, on the plus side, it will speed travel to the city that gave us Cat Deeley, Bill Oddie and Richard Hammond.

Nigel Lewis, analyst at prime location.com, says: ‘As more people are able to travel longer distances, so Britain becomes more accessible. If you’re a first-time buyer in ten to 14 years’ time, wanting a three-bedroom family home, and have a well-paid job in London, Birmingham could be a good option.’

And there is plenty to lure investors. The city’s diverse food scene includes the Balti Triangle for curry devotees and Michelinstarred chefs. The New York Times has named it one of the must-visit destinations for U.S. tourists.

Cultural interests are also well catered for. Birmingham has its own symphony orchestra, ballet company, opera house and school of acting — and architecturally, there’s a lot more to it than Spaghetti Junction.

The Symphony Hall is a vision of glass on Centenary Square, where construction is also under way on a new Library of Birmingham.

The library, along with redevelopment at transport hub New Street Station, is part of the council’s 20-year Big City Plan. And while projects such as these may not directly pump up prices, says David Moss at FleetMilne (08452 968 688, fleetmilne.co.uk), without them people wouldn’t be drawn to the lively centre.

Moss tips the historic Jewellery Quarter, minutes from the city centre, as a good area to consider, thanks to its village atmosphere. FleetMilne has a Grade II-listed 1859 three-bedroom townhouse there on the market for £300,000.

Outside the city centre, Moss says hotspots include the districts of Harborne and Moseley, where a three-bedroom semi costs £250,000 (0121 449 6464, dixonsestateagents.co.uk). HS2 will also herald a new terminal next to Moor Street Station, within walking distance of the Bullring. Proposals include renovating the listed Curzon Street Station and building a surrounding square that could become a museum quarter.

The New York Times has named Birmingham (pictured) one of the must-visit destinations for U.S. tourists

The New York Times has named Birmingham (pictured) one of the must-visit destinations for U.S. tourists

There are already signs of gentrification. Properties in the Masshouse development (on the site of Masshouse Lane) will eventually sit cheek by jowl with the new proposed HS2 terminal.

Prices at Hive — part of Masshouse — (0121 236 8235, hive-birmingham.co.uk) start at £95,000, with a one-bedroom from £118,000. Mark Evans, at Knight Frank’s Birmingham office (0121 200 2220, knightfrank.co.uk) claims it is one of the most successful new developments in the city.

Another clue to HS2’s success could lie in what’s happened with High Speed 1, the railway linking St Pancras with the Channel Tunnel, which provides a faster service between London and Kent.

The journey to Ashford was cut from 84 minutes to 37 minutes, and prices are reported to have increased by 12 to 14 per cent in a year. But Yolande Barnes, of Savills, says: ‘Unlike HS1, which linked to international destinations and took in established commuter destinations en route, HS2 will simply link city to city.’

Whether it can tempt investors to the West Midlands might just depend on the cost of train tickets.

 

Here’s what other readers have said. Why not add your thoughts,
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I doubt that the so called benefits of HS2 will materialise. £32B could be spent on other parts of the network to make a marked improvement for the everyday users.

Why have you illustrated an article about high speed rail link between Britain’s two biggest cities with a picture of Cat Deeley in a mini skirt ?
Gratuitous, much ?

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