HS2 Ltd, the Department for Transport, and Camden Council have agreed a funding deal in principle that will fund rehousing for residents living in three blocks on the Regent's Park estate.

Residents – council tenants and leaseholders - in Cartmel, Coniston and Langdale, the blocks most impacted by the HS2 construction work, will be able to sell their properties or be rehoused under the terms of the deal. The deal is subject to consultation and the views of residents impacted are being sought before the deal is finally agreed.

The impact of the work on these affected residents has only been fully understood since HS2 construction work began and detailed construction plans developed. The nature and duration of the work, alongside the proximity and condition of the properties, spurred HS2 Ltd and Camden Council to work together to find a unique solution for these properties. This landmark deal means HS2 Ltd will make a financial contribution to Camden Council for the rehousing of the residents of the three blocks.

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Camden Council will relocate the residents through its own processes and procedures. Camden Council’s access to its local housing stock and well-established processes make the rehousing of residents a faster and more cost-effective solution than HS2 Ltd rehousing the affected residents on a case-by-case basis.

George Chilcott, Senior Delivery Sponsor for Euston at HS2 Ltd, said: "We are very pleased to have reached this agreement in principle with Camden Council. Through close cooperation we were able to deliver a solution for the residents that meets the challenge of the unique nature and duration of the works in the area.

"The impact on local communities is something HS2 Ltd takes extremely seriously, and we will continue to seek to minimise disruption where possible."

Camden Council will be writing to affected residents setting out the terms of the deal and seek views.