The government is offering homeowners and small business owners affected by HS2 plans a compensation and assistance package.

Transport secretary Patrick McLoughlin today announced that those living 60 metres away from the line - or up to 120 metres in rural locations - can apply for HS2 Ltd to purchase their property at the full value as part of the voluntary purchase scheme.

These properties will be bought at the value they would be if there were no plans for the high speed rail link.

Alternatively, homeowners can apply for a cash payout of ten per cent of that same value but elect to stay in their homes and businesses.

Mr McLoughlin commented: “This comprehensive package of compensation and assistance is looking after those people who live along the HS2 route while balancing our responsibilities to the taxpayer.

“People at the heart of this vital new railway will also benefit from HS2 Ltd’s new residents’ charter and the appointment of the Residents’ Commissioner, who will ensure that the commitments in the charter are upheld.”