05/10/2023
Industry reacts as HS2 scrapped
James Forrester, Managing Director of Newcastle based property developer, Stripe Property Group, commented:
"There will be no surprise at yet another Government U-turn and more broken promises that will see many businesses and homeowners alike suffer, as a result.
Of course, bold plans remain to connect the country, but it's fair to say that you'd be better off walking from London to Manchester instead of waiting on this Government to deliver on its word.
Yet another example of Westminster prioritising the prosperity of the capital, with little to no regard about the rest of us that form the United Kingdom."
Bradley Post, MD of finance experts, RIFT, commented:
“In recent years, we’ve seen how the economic prosperity of the UK isn’t solely refined to the boundaries of the capital and a number of regional powerhouses have emerged thanks to commitments from big business to call them home.
However, the scrapping of HS2 will come as a real blow, removing a vital infrastructural lifeline that would have ensured the longevity of their economic success.
What’s more, it will come as devastating news to the 30,000 off UK professionals working across a myriad of sectors in order to deliver the required infrastructure. People who could be essentially out of work at a time when the cost of living remains extremely high and with Christmas right around the corner."
Director of Benham and Reeves, Marc von Grundherr, commented:
"Plans for a Euston development zone are sure to help revive the area and bring about a boost to the local property market in the process.
However, this will bring little comfort to those outside of London who will rightfully argue that the capital has benefitted greatly already from the likes of HS1 and the Elizabeth Line. Talk about cutting the North off at the knees."
Co-founder and CEO of Searchland, Mitchell Fasanya, commented:
"Today's news will be hugely frustrating for the many developers who had already invested time and money based on the promised delivery of HS2 and the anticipation of a spike in market activity within locations set to benefit.
"It's certainly a case of back to the drawing board now.
Although, of course, the ones who are really losing out are those who would have benefited from the regeneration and delivery of new housing within their local areas."
