Transport Minister Simon Burns said that the measures go significantly beyond what is required under statute and come after the government has agreed to re-consult on certain aspects of compensation following a High Court ruling in March.
The proposals aim to assist property owners who are affected by HS2, as well as supporting the local housing markets along and around the line of route.
‘HS2 is a vital scheme that will help rebalance our economy and generate economic growth. It will free up vital space on our railways for passengers and freight, generate hundreds of thousands of jobs and deliver better connections between our towns and cities,’ said Burns.
‘However, we will do everything possible to minimise the effect on those living on the route. We are committed to fairly compensating those who are affected and I want to hear views on the generous and comprehensive measures we have set out,’ he explained.
‘This is a complex area which we are determined to get right. That is why we pledged to look again at how to help property owners, including consulting on a property bond, and that is exactly what we have done.
The proposals include several options. There will be an express purchase option, described as a streamlined system of purchasing properties that are within the safeguarded area which it is claimed will give greater certainty to owner occupiers closest to the line. The government will buy their homes at the full unblighted value, along with additional compensation of 10% up to a value of £47,000 and reasonable moving costs. A long term hardship scheme is aimed at owner occupiers who have strong personal reasons to move but cannot do so, other than at a significant loss because of HS2. There will be no defined geographical boundary.
There will also be two possible approaches to renting homes to their former owners following government purchase and the government is also consulting on two potential options which would provide further assistance in rural areas. These are property bonds, a transferable guarantee that the government would act as the buyer of last resort for those living close to the route, and a voluntary purchase scheme for owner-occupied properties within 120 metres of the route.
To support the consultation a series of information events for local communities will be held along the line of the HS2 Phase One route from London to Birmingham.
The previous consultation on measures to assist and compensate property owners took place from October 2012 to January 2013. The government is now re-consulting on most elements of that consultation as well as additional measures.
However, Burns said that to avoid unnecessary delay there is no re-consultation on proposals for restoring confidence in the value of properties above tunnels and how it should seek to ensure the replacement of any social rented housing that is lost as result of HS2.
The consultation will run for 12 weeks, closing on 04 December. Final schemes should come into operation by next summer.