"The Government recognises the impact the project is having on property markets along the first phase of the route and, after careful consideration, has decided to go above and beyond what is required by law" said a Department for Transport statement.
The measures include a commitment to buy any owner-occupied home in the safeguarded area for the full un-blighted value plus an additional 10% up to a value of £47,000; the establishment of a 'voluntary purchase zone' in rural areas outside the safeguarded areas within which homeowners can sell their homes at their full un-blighted value, and a long term hardship scheme to help those who need to move but who are unable to sell their home
Other measures are the establishment of a sale and rent back scheme to give homeowners the flexibility to stay in homes that will ultimately be required to allow for construction work; measures to reinforce confidence in properties above tunnels, including before and after surveys, and a commitment to developing a strategy for replacing any lost social rented housing.
“We have developed the right compensation package, providing absolutely the right support for those affected, while at the same time protecting the interests of taxpayers," said Rail Minister Simon Burns. "We have thought long and hard about this and the measures I have announced are fair and strike the right balance for local communities and the British taxpayer."
HS2 is a proposed new national high-speed rail network that will link Birmingham, Manchester and Leeds with London and Heathrow. The Government has already consulted on the route of the first phase of the project to the West Midlands and the Transport Secretary will publish his preferred routes for the second phase of the scheme later this year.
The compensation package will now be subject to a period of consultation until 31 January 2013.
