Full speed ahead for new rail line between London and Birmingham

The planned construction of a new high-speed rail line between London and Birmingham could see more people move to the two respective cities, which would drive demand for housing.

The Government is expected to give the go-ahead for a new high-speed rail line between London and Birmingham later today.

The first phase of the planned HS2 service, which is expected to cut the journey time from London to Birmingham to 49 minutes, is scheduled to get underway in 2016 with completion earmarked for 2026.

The reduced journey time, thanks to the fleet of 220mph trains, could entice some people currently living and working in London to eventually move to Birmingham, where property prices are significantly cheaper than the capital.

Anyone currently looking to buy a new home in Birmingham will find plenty of options, with housebuilders developing a wide range of new houses and apartments.

Redrow Homes is developing a collection of four-, five-, and six-bedroom homes at Great Park, close to M5 in Birmingham, with prices ranging from £249,995 to £359,995.

In Hole Lane, on the border of Northfield and Bournville, Taylor Wimpey Homes are building a wide selection of new homes at Oakville Place, with prices starting from £214,995 to £434,995.

Of course, some may actually opt to move to the capital. Despite a shortage of new homes in London, there is still a wide selection of properties to choose from.

Barratt Homes is developing a range of new apartments at The Willows in Morden, south London, with prices ranging from £166,995 to £209,995.

United House, named housebuilder of the year at the 2011 What House? Awards, is constructing 69 apartments, including studios, one-, two- and three-bedroom homes at Frobisher Crescent in Barbican, EC2Y, with prices starting from £395,000.

It is believed that in future decades, the train line could be extended further north to Scotland, which would almost certainly have huge economic benefits.

Michael Roberts, chief executive of the Association of Train Operating Companies, said: "HS2 is a vote of confidence in the railways and recognition of the vital role the industry has to play in supporting jobs and driving sustainable economic growth."