Farmers who are indirectly affected by the proposed High Speed Rail (HS2) rail link should be able to apply to guarantee the value of their homes, the NFU has said.
At present, if the building of the HS2 affects the value of a property without actually building on it the government will only buy it in exceptional circumstances.
There is also a waiting period of a year after the rail line opens to assess whether there has been any long-term reduction in value for which compensation will be paid.
The NFU is calling on the government to introduce a bond-based scheme that would mean property owners can apply for a bond to guarantee the value of the house and force the government to purchase it if required.
The bond would be tied to the property underpinning its value, the NFU said, to give confidence to both lenders and future purchasers that there will be a future buyer.
NFU planning policy adviser Ivan Moss said the union outlined its concerns to all-party of group of MPs who are investigating the issue.
He urged all affected members contact their MP and share their views.
“To help, in collaboration with the Country Land & Business association and the Central Association of Agricultural Valuers, we have produced a briefing document outlining our argument,” he said.
“This has been sent to MPs whose constituencies are on the proposed line and those who may be affected by the potential extensions to Leeds and Manchester. These documents are available on our website so that members can use it for reference.”
“As the government says, there must be a fair deal for the people affected by the HS2 route. Where is the fairness in land and property prices going down without adequate compensation measures? We urge the Government to act accordingly to ensure fair compensation is agreed.”
