■ Change: The biggest impact of HS2 is the impetus for change. The expectation of a fast train link has put the spotlight on Birmingham and enhanced its status as England’s second city. HS2 supports the transformation that is already occurring and adds to the city’s attraction to corporate occupiers and investors, both within the UK and overseas.

■ Regeneration: The physical changes a new line requires offer great potential for further development and allows for higher densities to be built. Investment in HS2 station sites creates a focal point around local areas and can kick-start regeneration.

■ Growth: The arrival of HS2 in a newly constructed station on Curzon Street in Birmingham will further encourage the growth of the city centre eastwards, expanding the areas suitable for development and addressing the increasing demand for office, retail, and housing space in the city. Eastside and the eastern side of the City Centre Core are likely to benefit. There is potential for regeneration in Digbeth subject to the issues of accessibility through and around the station being addressed.

■ Increasing capacity and reducing journey times: Linking Birmingham’s growing financial district and tech sector with London via HS2 creates synergies with skills and knowledge more readily transmitted between firms and cities at both ends of the line. That new tech startups are struggling to afford the growing cost of employment space around London’s Silicon roundabout could work in Digbeth’s favour but there are planning challenges to overcome.

■ Housing demand: Growing employment and population will increase demand for housing and exacerbate Birmingham’s housing shortage. HS2 creates the opportunity to address this providing the potential to increase densities in areas of mixed use development and regeneration around the stations. However, it is unlikely to eradicate the housing shortfall completely. Surrounding local authorities will still be required to help address Birmingham’s housing need.

■ House price growth: Rising demand and limited supply is set to put pressure on house prices. Over time, one of the effects of better connectivity with London is a potential moderate convergence of values. The gradual influx of wealth both in the shape of commuters’ salaries and a greater number of better paid corporate employees in Birmingham means that the top end of the housing market in Solihull and Birmingham are likely to outperform the local market.

■ Inward investment: Birmingham is already drawing in wealth from investors looking beyond London. Projects triggered by HS2 provide further opportunities to harness this interest and attract the level of private investment needed to make the most of the new link beyond public money spent on the line itself.

■ Essential to plan ahead: Enhanced connectivity via HS2 will support Birmingham’s growth but connectivity alone is not enough. To reap the full benefit of HS2, Birmingham must continue to provide a supportive business and political environment. The devolution deal gives the region greater power to galvanize action on the back of HS2 and build on the growth strategy outlined by the Greater Birmingham and Solihull Local Enterprise Partnership this summer.