The HS2 scheme, which has now got the go-ahead from the government, will have a huge impact on homeowners in the areas surrounding the proposed line.

The high-speed rail link will cut journey times by 30 minutes between London and Birmingham, and is the first part of a scheme which will eventually see trains running at speeds of up to 225mph to Manchester and Leeds.

But fear about disruption caused by the construction of the line, and the ongoing noise caused by the fastest train ever run, has already had an impact on the housing markets in some of the areas affected, with homeowners reporting an inability to sell, or that prices have been hit. The government says that out of 55,000 responses to a consultation on the plans, 36,036 (more than 65%) mentioned property.

Here we look at what happens next for homeowners:

It looks like my house will end up under the line – what do I do?

At some point you will have to move out to make way for construction work on the link to begin. The government will serve compulsory purchase orders (CPOs) on affected properties, but it says it will be "2015 at the earliest" before they are needed.

Even when it does serve a CPO you may not have to move out straightaway – it is working on a sale-and-rent-back scheme which would allow homeowners to sort out the CPO then remain in their property as tenants, paying the market rate until construction begins.

If you need to move before the CPO, now the route has been confirmed you can serve the government with a blight notice, which effectively asks them to make a CPO. The government has said it is looking at ways to streamline this process for affected homeowners and will make an announcement on it later this year. In the meantime it is still running the voluntary exceptional hardship scheme which has helped some homeowners who have struggled to sell their properties because of uncertainty over where the link would run.

How much will I get for my property?

The government promises to pay you a sum based on the open market value of your property "as if unaffected by the HS2 scheme". On top of this you will get a home loss payment worth 10% of the property's value up to a current maximum of £47,000, plus reasonable moving costs such as surveyor and legal fees and stamp duty on a new property. These terms apply whether you wait for a CPO to be served or serve a blight notice.

Some property experts have raised concerns over how homes will be valued given that talk of the link has already hit prices. "Legislation is meant to ensure you are no better or worse off, but this is difficult because the scheme has taken such a very long time," says James del Mar, head of the rural consultancy department at estate agent Knight Frank. "Say your home was worth £500,000 before a big red line was drawn next to it – it could be worth £400,000 now, and you are yet to get to the valuation date."

However, Chris Hartshorn, principal surveyor at Coventry-based firm Elizabeth Davenport, says the one case he has seen go through the exceptional hardship scheme successfully had resulted in the homeowner getting a fair price for their property.

My house is OK but I'll lose some of my garden. What will happen?

Anyone who has to sell some of their land to make way for the scheme will get the open market value for it, the government says, plus compensation for any loss in value to the part they retain. If the loss will make a big impact – for example, you have to sell half your garden – you can ask the government to buy your entire property.

I'm worried it will be really noisy – can I get compensation?

You are not alone. More than 11,800 respondents to the government's consultation mentioned concerns about noise. The government says 60 homes will experience noise levels sufficiently high to qualify for statutory noise insulation, and about 3,100 properties will "experience a noticeable increase in noise".

The good news is that the law allows homeowners to claim for any loss of value on their property resulting from noise, vibration or artificial lighting caused by the operation of the line, but this can only be claimed once the railway has been open for a year. In the meantime, del Mar suggests some homeowners near the track could see 10%-15% wiped off the value of their land.

What will this all do to the housing market?

The announcement will bring some much-needed certainty, according to agents operating in the areas around the route. "The crux of this was the uncertainty for buyers and sellers – in a sense you could say the whole area was blighted," says Catherine McAllister, a buying agent for Stacks Property Search which operates across Buckinghamshire, Northamptonshire and East Oxfordshire. "Now people can be confident to make an informed decision."

Is my house going to be worth less?

It depends. McAllister says some areas along the route will see prices rise now it is clear the line won't run as close as had been feared. But other homeowners will have had their worst fears realised.

Jonathan Bramwell, partner at The Buying Solution, says: "In North Oxfordshire/Buckinghamshire, we expect the HS2 announcement will make the countryside around Banbury and Bicester more popular, especially for the school-driven buyers who want easy access to the Chiltern line.

"Sadly, many homeowners along the route of the line will be faced with years of battling over compensation. On the flip side, it could provide an opportunity for savvy buyers to pick up a good deal."