Britain’s high-speed railway line is making millions by letting houses and flats along the proposed route.
Figures obtained under the Freedom of Information Act show that HS2 Ltd has collected more than £9.1 million over the past five years through property rentals, including £5 million in the past 12 months alone.
The government-owned company has bought more than 400 properties along the route from north London to Birmingham since 2011, under a scheme that allows homeowners to move to escape noise from the line. In March this year, it was letting 363 of these properties, up from 36 five years ago.
Cash from the property empire is fed back into the Department for Transport’s budget in a move that should cut HS2’s overheads.
However, critics claim that it is profiting from misery and purchasing homes at below market price before renting them back to people. In many cases, homes are rented back by the homeowner who sold the property in the first place.
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Joe Rukin, campaign manager for Stop HS2, said: “We know from long experience that HS2 has significantly undervalued property, with a policy of using valuers who are not from the local area. The same properties are then leased out for a nice profit.”
HS2 Ltd insisted that local market rates were used for all rentals, adding: “Enabling previous owners to rent back their homes is good for them, their communities and the taxpayer.”