General | 6 February 2012

High speed rail link could bolster Birmingham's property market

The much hyped high speed rail link is predicted to cut train journey times between Birmingham and London from one hour and 24 minutes to just 49 minutes according to the Daily Mail.

Research carried out by Savills has shown that for every minute a commuter train journey to London is reduced, house prices for detached properties increase by approximately £2,250. Terraced homes are also said to increase by £1,300 per minute reduction on average, making Birmingham a property hotspot.

The upcoming rail link has been subject to much debate. Costing £16.4 billion, opposition to the project believe the country isn’t in a position to afford a project on this scale.

Property Analyst, Nigel Lewis, however, commented in the Daily Mail that: 'As more people are able to travel longer distances, Britain becomes more accessible. If you're a first-time buyer in 10 to 14 years' time, wanting a three-bedroom family home, and have a well-paid job in London, Birmingham could be a good option.'