Will HS2 Affect House Prices in Swindon?

It's now official.

After almost a decade of wrangling, the Government has finally given the go-ahead for the full implementation of the High-Speed 2 (HS2) rail network throughout the UK. Despite the first phase of the network not being operational until at least 2028, the projected budget has already skyrocketed to around £88 billion.

Despite this, advocates argue that the economic benefits will far outweigh the costs, as it will connect cities across the South, Midlands, and North to the capital in a way that has never been envisioned before. The network will reduce the time it takes to get to London from most of England's largest cities by more than half, with the time taken from Birmingham to London predicted to be around 40 minutes, compared to 90 minutes today.

This all means that homeowners connected to the network stand to benefit. As we saw previously with the implementation of Crossrail, all houses along the main routes saw huge increases in value, with buyers wishing to benefit from enhanced links to the centre of London. Let's see if homeowners and homebuyers in Swindon can expect a similar impact from HS2.

Source: Pixabay 

How Will HS2 Affect Swindon?

First off, it is worth noting that, while no part of HS2 will be built directly through Swindon, residents will benefit from it. Swindon's close connections to Birmingham means that anyone commuting to London or travelling to other cities on the network will see their journey times drop. There is also the possibility that HS2's final phase will connect Swindon more closely to Heathrow, which would be another considerable benefit.

Will Prices Increase?

It is not possible to tell for certain whether prices will increase in Swindon as a result of HS2. However, the existing evidence suggests that they will. All other major transport infrastructure projects that have connected parts of the UK to the capital have resulted in a corresponding boom in house prices. Crossrail alone saw house prices in some areas rise by as much as 60%. It is likely that the connections provided by HS2 will make Swindon a more attractive place for London workers to live.

Source: Pixabay

Should I Buy Now?

If a price increase is coming, then now is a good time to buy in Swindon. There are many, many factors that determine how much you should pay for your mortgage. Whether you buy now or in the future, you may benefit from consulting a free online mortgage broker to see how to get the most affordable mortgage in Swindon before a possible HS2 price boom kicks in. There is also some evidence to suggest that house prices actually fall during the construction phase, due to noise and debris, only to shoot up again once the project is complete. Timing is always key.

When Should I Sell?

As you may have guessed, if you are not in a rush to sell your home in Swindon, you may wish to stay put and wait to see what kind of price increases materialize over the next decade. Of course, the long schedule for HS2 means that this option is only available to those who are interested in playing the long game. As things currently stand, house prices in Swindon have been rising consistently for the past decade, so there is little chance that your home will lose much value in the meantime.

While the picture may not be clear-cut, there is plenty to suggest that homeowners will benefit from HS2. All that is required is plenty of patience.