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 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. 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.

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.